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Cyprus’ deficit drops, public debt rises

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

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

Public debt in 2013 reached €18.4 billion or 111.7 per cent of GDP compared with €15.4 billion or 86.6 per cent 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 per cent in 2013, compared with 39.4 per cent the previous year.

State expenditure remained unchanged at 45.8 per cent of the GDP.

The island had contributed a total of €393 million or 2.4 per cent of GDP to countries following that sought financial assiastance (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 per cent in 2012 to 3.0 per cent in 2013, and in the EU28 from 3.9 per cent to 3.3 per cent. I

Government debt to GDP increased from 90.7 per cent at the end of 2012 to 92.6 per cent at the end of 2013 in the eurozone and from 85.2 per cent to 87.1 per cent in the EU.

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