In accordance with the provisions of the Stability and Growth Pact (SGP), the Republic of Cyprus submits its Stability Programme (SP) for the period 2023-2026 as approved by the Council of Ministers on 26th April 2023. The SP has been prepared in line with the updated Code of Conduct, which sets out the “Guidelines on the format and content of the Stability and Convergence Programmes”. The SP was submitted to the European Commission on 2nd May 2023 in accordance with the requirements of the European Semester and takes into account the key policy orientations provided in the Annual Sustainable Growth Survey.
This SP shall, at the same time, be considered as the national medium-term fiscal plan in the sense of Regulation 473/2013 and should be read in conjunction with the National Reform Programme (NRP).
In this context, the budgetary developments and targets in the SP are consistent with the structural reforms and policy ambitions set out in the NRP. Where appropriate, cross references are included in both documents.
The analysis and forecasts contained in this document are based on data available at end-March 2023. The macroeconomic forecasts contained herein have been endorsed by the Fiscal Council.