First Annual Progress Report
Δημοσιεύτηκε στις 02 Μαΐου 2025 | Ενημερωτικό Υλικό | Εκδόσεις, Πληροφόρηση
The Republic of Cyprus hereby submits the first Annual Progress Report (“APR” or the “Report”) in relation to its 2025-2028 Medium Term Fiscal Structural Plan (“MTFSP 2025-2028” or the “Plan”), in accordance with Articles 21 of the Regulation (EU) 2024/1263.
The Report provides information about the progress in the implementation of the net expenditure path as set by the Council in January 20251 and the implementation of reforms and investments included in the MTFSP 2025-2028 or implemented in the context of the European Semester.
Net nationally financed primary expenditure in 2024 has increased by 3.2%, compared to 2023, recording a higher growth rate than what was envisaged in the Plan. This is solely attributed to a statistical adjustment, information that was not available during the submission of the Plan, which resulted in lower net nationally financed primary expenditure of 2023 and consequently, increased the growth rate in 2024 by 0.5 percentage points. In the subsequent years, net nationally financed primary expenditure is expected to grow at rates lower than what is envisaged in the Plan, resulting in an expected cumulative growth rate of net nationally financed primary expenditure for the period 2025-2028 of 24.2%, which is lower than the cumulative net nationally financed primary expenditure growth rate of 25.7% envisaged in the Plan.
Moreover, Cyprus remains committed to implement structural reforms and investments that contribute to achieving sustainable and inclusive growth. The report provides a structured update on the progress achieved in the implementation of structural reforms and investments included in the MTFSP 2025-2028, since its submission in October 2024.
