Cyprus parliament approves state budget for 2011

The state budget for 2011 was adopted by majority by the plenary of the House of Representatives on Thursday, with proposed expenditure having been slashed by about 40 million EUR with various amendments.

The budget that had been brought before the House provided for revenue, excluding loans, of about 5 billion and 977 million EUR during 2010, with a projected increase in revenue by 4.7% in 2011, while the expected increase for 2010 is 7.1%.

The total projected expenditure in the state budget for 2011, excluding the payment debts, reached 6 billion and 690 million EUR, up by 1.1% compared to the projected expenditure for 2010 of 7 billion and 936 million EUR.