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Public debt jumps to 86.9 per cent of GDP

 

CYPRUS’ public debt jumped 12.6 per cent year-on-year in the first quarter of 2013 to 86.9 per cent of GDP, according to figures released on Monday by the European Union Statistical Service (Eurostat).

From 85.8 per cent of GDP in the fourth quarter of 2012, Cyprus’ public debt increased to 86.9 per cent in the first quarter of 2013.

Compared to the first quarter of 2012 (74.3 per cent), the Cypriot debt increased by 12.6 per cent.

Despite continued persistence by eurozone paymaster Germany on further austerity, the eurozone failed to curb its cumulative public debt, which saw an increase from 90.6 per cent to 92.2 per cent of GDP, reaching €8,750 billion.

The first eurozone country to land in hot water, Greece, saw its massive public debt rise from 156.9 per cent in the last quarter of 2012 to 160.5 per cent the following quarter, marking the highest public debt in the single currency area, followed by Italy with 130.3 per cent, Portugal with 127.7 per cent and Ireland with 125.1 per cent of GDP.

The same under fire eurozone members recorded the highest rise in public debt. Greece’s public debt increased by 24.1 percentage points year-on-year; Ireland’s debt rose by 18.3 per cent; Portugal by 14.9 per cent while Spain’s debt rose by 15.2 per cent.

In absolute numbers, Germany registered a public debt with €2,150 billion, Italy €1,988 billion, France €1,833 billion and Spain €883 billion.

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