articles | 24 April 2014

Cyprus' public deficit drops

Cyprus’ deficit shrank in 2013 while the public debt increased compared with 2012, the EU’s statistical service, Eurostat, said recently.

According to Eurostat data, the island’s public deficit in 2013 was around €897 million or -5.4% of GDP, compared with €1.2 billion or -6.4% of GDP the previous year.

Public debt in 2013 reached €18.4 billion or 111.7% of GDP compared with €15.4 billion or 86.6% of GDP in 2012. The rise is attributed to the loans granted to Cyprus as part of its €10 billion international bailout.

Cyprus’ GDP in 2013 was around €16.5 billion compared with €17.7 billion in 2012. Public revenue as part of GDP, rose to 40.3% in 2013, compared with 39.4% the previous year. State expenditure remained unchanged at 45.8% of the GDP.

The island had contributed a total of €393 million or 2.4% of GDP to countries following that sought financial assistance (Greece, Ireland, Portugal), before entering a bailout programme itself. In 2013, the government deficit of both the eurozone (EA18) and the EU decreased in absolute terms compared with 2012, while the government debt rose in both zones.

In the eurozone, government deficit to GDP ratio decreased from 3.7% in 2012 to 3.0% in 2013, and in the EU28 from 3.9% to 3.3%. Government debt to GDP increased from 90.7% at the end of 2012 to 92.6% at the end of 2013 in the eurozone and from 85.2% to 87.1% in the EU.

Source: Cyprus Mail

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