articles | 25 April 2016

Cyprus deficit at -1%

Cyprus showed a deficit of -1% in 2015 (€180 million), the fourth lowest percentage in the EU, according to Eurostat.

The country’s GDP was estimated at €17.421 billion, while the public debt came up to €18.964 billion or 108.9% of GDP.

Meanwhile the deficit in Greece was -7.2% or €12.757 billion of a GDP estimated at €176.023 billion. The country’s public debt was €311.452 billion or 176.9% of GDP.

In 2015, both the average deficit and public debt in the Eurozone and the EU decreased compared to 2014. In the eurozone the deficit as percentage of GDP decreased from 2.6% in 2014 to 2.1% in 2015, and in the EU from 3% to 2.4%. In the eurozone public debt as percentage of GDP dropped from 92% at the end of 2014 to 90.7% at the end of 2015, and in the EU from 86.8% to 85.2%.

In 2015, Denmark (+1.2%), Germany (+0.7%), Esthonia and Luxembourg (+0.6% each) had a surplus, while Sweden was ‘balanced’ at 0%. The lowest public deficits were seen in Lithuania (-0.2%), the Czech Republic (-0.4%), Romania (-0.7%) and Cyprus (-1%).

Seven member states show a deficit equal or larger than 3% of GDP: Greece (-7.2%), Spain (-5.1%), Portugal and the United Kingdom (-4.4% each), France (-3.5%), Croatia (-3.2%) and Slovakia (-3%).

The lowest percentage of public debt as percentage of GDP was seen in Esthonia (9.7%), Luxemburg (21.4%), Bulgaria (26.7%), Latvia (36.4%) and Romania (38.4%).

17 member states had a public debt higher than 60% of GDP, with the highest being Greece (176.9%), Italy (132.7%), Portugal (129%), Cyprus (108.9%) and Belgium (106%).

In 2015, government expenditures in the Eurozone were 48.6% of GDP and public revenue 46.6%. In the EU it was 47.4% for expenditures and 45% for revenue.

Source: InCyprus

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