Eurostat confirms Cyprus 1.8% budget surplus

Eurostat has confirmed Cyprus` 2017 budget surplus of +1,8% with today`s 2nd notification for government figures.

More specifically according to Eurostat, the GDP of Cyprus stood at 19 571 billion euro, with a government surplus of +344 million euro, or 1.8% of GDP. Government expenditure was 37.5% of GDP, and revenues 39,3% of GDP. Cyprus` debt stood at 18 814 billion euro, or 96.1% of GDP. For Greece, GDP stood at 180 218 billion euro, and the budget recorded a surplus of 1 391 million euro, or 0.8% of GDP. Goverment expenditure stood at 47.3% and revenues at 48.1%. Government debt stood at 317 414 billion or 176.1% of GDP.

Meanwhile, in 2017, the government deficit and debt of 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 1.6% in 2016 to 1.0% in 2017, and in the EU28 from 1.7% to 1.0%. In the euro area the government debt to GDP ratio declined from 89.1% at the end of 2016 to 86.8% at the end of 2017, and in the EU28 from 83.3% to 81.6%.

According to Eurostat, in 2017, Malta (+3.5%), Cyprus (+1.8%), Sweden (+1.6%), Czechia (+1.5%), Luxembourg (+1.4%), the Netherlands (+1.2%), Bulgaria and Denmark (both +1.1%), Germany (+1.0%), Croatia (+0.9%), Greece (+0.8%), Lithuania (+0.5%) and Slovenia (+0.1%) registered a government surplus. The lowest government deficits as a percentage of GDP were recorded in Ireland (-0.2%), Estonia (-0.4%), Latvia (-0.6%) and Finland (-0.7%). Two Member States had deficits equal to or higher than 3% of GDP: Spain (-3.1%) and Portugal (-3.0%). At the end of 2017, the lowest ratios of government debt to GDP were recorded in Estonia (8.7%), Luxembourg (23.0%), Bulgaria (25.6%), Czechia (34.7%), Romania (35.1%) and Denmark (36.1%).