Local
articles | 23 October 2015

Cyprus' deficit at 8,9% in 2014

Cyprus' deficit was 8,9% of GDP in 2014 and government debt was 108.2% of GDP, according to new figures published by Eurostat.

Eurostat has revised upwards the figures for the deficit and debt for both Cyprus (8.8% and 107.5% respectively in April) and for the entire EU and the eurozone. Cyprus recorded in 2014 the highest deficit in the EU and the fourth largest debt ratio.

In 2014, the government deficit of both the eurozone and the EU28 decreased in absolute terms compared with 2013, while the government debt rose in both zones. In the euro area the government deficit to GDP ratio decreased from 3.0% in 2013 to 2.6% in 2014, and in the EU28 from 3.3% to 3.0%. In the euro area the government debt to GDP ratio increased from 91.1% at the end of 2013 to 92.1% at the end of 2014, and in the EU28 from 85.5% to 86.8%.

In 2014, Denmark (+1.5%), Luxembourg (+1.4%), Estonia (+0.7%) and Germany (+0.3%) registered a government surplus, and the lowest government deficits in percentage of GDP were recorded in Lithuania (-0.7%), Romania (-1.4%), Latvia (-1.5%), Sweden (-1.7%) and the Czech Republic (-1.9%).

Fourteen Member States had deficits equal to or higher than 3% of GDP: Cyprus (-8.9%), Portugal (-7.2%), Spain (-5.9%), Bulgaria (-5.8%), the United Kingdom (-5.7%), Croatia (-5.6%), Slovenia (-5.0%), Ireland and France (-3.9% each), Greece (-3.6%), Poland and Finland (-3.3% each), Belgium (-3.1%) and Italy (-3.0%).

At the end of 2014, the lowest ratios of government debt to GDP were recorded in Estonia (10.4%), Luxembourg (23.0%), Bulgaria (27.0%), Romania (39.9%), Latvia (40.6%) and Lithuania (40.7%). Sixteen Member States had government debt ratios higher than 60% of GDP, with the highest registered in Greece (178.6%), Italy (132.3%), Portugal (130.2%), Cyprus (108.2%), Ireland (107.5%), and Belgium (106.7%).

In 2014, government expenditure in the euro area was equivalent to 49.4% of GDP and government revenue to 46.8%. The figures for the EU28 were 48.2% and 45.2% respectively. In both zones, the government expenditure ratio decreased between 2013 and 2014, while the government revenue ratio increased for the euro area and decreased for the EU28.

Source: Famagusta Gazette

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