The plenary of the House of Representatives approved on Wednesday the state budget for 2017 which is the first after Cyprus` exit from the financial assistance program with its international lenders.

In his speech before the plenary last week, Minister of Finance Harris Georgiades said that the budget is substantially balanced and provides for state revenue of €6,96 billion, compared to €6,83 last year (increase 1,1%) and public expenses at €7,06 billion, compared to €6,89 billion in 2016 (increase 2,3%). Expenses do not include loan repayment costs.

Right-wing ruling Democratic Rally partry, center Democratic Party DIKO and Solidarity Movement voted in favor, while left wing main opposition party AKEL, EDEK socialist party, Citizens` Alliance, the Ecologists` and Environmentalists` Movement and the National Popular Front ELAM voted against.

According to the report of the House Finance Committee, GDP for 2016 will be €17.681 million with a growth rate of 2,7% and €18.258 million in 2017 with an estimated growth rate 2,8%.

Fiscal deficit for 2016 is estimated at €52,5 million or 0,3% of GDP while for 2017 it is estimated at €105,7 million or 0,6%.