Cyprus development expenses hit 29 per cent of budget

The implementation rate of development expenses from the state budget stood at 29 per cent at the end of July, according to a report by the Treasury.

This is slightly higher than the ten-year average of 26 per cent for the same period.

This corresponds to a total of €446.1 million out of an annual development expenditure budget of €1.49 billion.  

In terms of overall fiscal performance, total state revenues by the end of July amounted to €5.90bn, representing 52 per cent of the annual budget.