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Cyprus has recorded the third-largest reduction in public debt among European Union countries, President Nikos Christodoulides said on Tuesday, highlighting the island’s strong fiscal performance.
According to the President, public debt has dropped by 6.1 percentage points over the past year, placing Cyprus well below both the EU and Eurozone averages. Christodoulides noted that this trend is especially significant because the country’s debt was already relatively low.
“This is a clear sign of resilience and careful economic planning,” the president wrote on the X platform. “It shows that responsible fiscal policies can deliver real, measurable results.”
Cyprus also reached its target of reducing public debt to below 60% of GDP a year ahead of schedule. Christodoulides said the milestone strengthens the economy, lowers borrowing costs, and increases the government’s ability to invest in health care, education, housing, and other public services. He emphasized that the reduction also boosts Cyprus’ credibility internationally and creates more fiscal space to support the middle class.
“Above all, Cyprus benefits,” the president added, noting that maintaining the downward trajectory will be essential to sustaining long-term economic stability.
