articles | 23 April 2018

Cyprus registered a €344m budget surplus in 2017

Cyprus registered a €344m or + 1.8% of GDP total budgetary surplus in 2017 (compared to €59m or + 0.3% of GDP for 2016), according to data released recently by Eurostat, the statistical service of the EU.

Cyprus’ GDP increased from €18.219bn in 2016 to €19.214bn in 2017, and government debt declined from 106.6% of GDP to 97.5% of GDP.

In 2017, the government deficit and debt in both the euro area (EA19) and the EU28 decreased in relative terms compared with 2016. In the euro area the government deficit to GDP ratio fell from 1.5% in 2016 to 0.9% in 2017, and in the EU28 from 1.6% to 1.0%.

In the euro area the government debt to GDP ratio declined from 89.0% at the end of 2016 to 86.7% at the end of 2017, and in the EU28 from 83.3% to 81.6%.

At the end of 2017, the lowest ratio of government debt to GDP was recorded in Estonia (9.0%), while the highest ratio was registered in Greece at 178.6%.

Meanwhile Cyprus’ trade deficit in January 2018 declined to €412.9m from €453.0m in the same month of 2017, data published by the Statistical Service of Cyprus show.

According to the service’s monthly ‘Intra-Extra EU Trade Statistics (by commodity and country)’ for January 2018, total imports stood at €616.4m compared to €633.6m in January 2017.

Total exports were at €203.6m, compared to €180.6m in January of 2017.

Source: Cyprus Mail

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