Cyprus registered a €344m or + 1.8 per cent of GDP total budgetary surplus in 2017 (compared to €59m or + 0.3 percent of GDP for 2016), according to data released on Monday 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 per cent of GDP to 97.5 per cent 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 per cent in 2016 to 0.9 per cent in 2017, and in the EU28 from 1.6 per cent to 1.0 per cent.
In the euro area the government debt to GDP ratio declined from 89.0 per cent at the end of 2016 to 86.7 per cent at the end of 2017, and in the EU28 from 83.3 per cent to 81.6 per cent.
At the end of 2017, the lowest ratio of government debt to GDP was recorded in Estonia (9.0 per cent), while the highest ratio was registered in Greece at 178.6 per cent.
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.