Cyprus recorded the second highest budget surplus among European Union member states in 2024, according to data released by Eurostat on Tuesday.

The island tied with Ireland, with both countries reporting a surplus of 4.3 per cent of GDP, just behind Denmark, which led with a surplus of 4.5 per cent.

Eurostat reported that 21 of the EU’s 27 member states recorded budget deficits during the year.

Of these, 12 posted deficits equal to or exceeding 3 per cent of their gross domestic product.

Across the euro area, the overall public deficit decreased from 3.5 per cent of GDP in 2023 to 3.1 per cent in 2024.

In the broader European Union, the deficit fell from 3.5 per cent to 3.2 per cent.

Following Cyprus and Ireland, other EU countries that posted budget surpluses included Greece at 1.3 per cent, Luxembourg at 1 per cent, and Portugal at 0.7 per cent.

On the other end of the spectrum, Romania registered the largest deficit, at 9.3 per cent of GDP.

This was followed by Poland with a deficit of 6.6 per cent, France at 5.8 per cent, and Slovakia at 5.3 per cent.

In addition to its strong surplus performance, Cyprus also achieved a robust reduction in public debt.

By the end of 2024, public debt fell to 65 per cent of GDP, down from 73.6 per cent in 2023.

In absolute terms, this amounted to a drop from €23.08 billion to €21.82 billion.

In contrast, the public debt ratio in the eurozone rose slightly, increasing from 87.3 per cent at the end of 2023 to 87.4 per cent by the close of 2024.

Across the entire EU, public debt reached 81 per cent, up marginally from 80.8 per cent the previous year.

Overall, 12 out of the 27 EU member states reported debt levels exceeding 60 per cent of their GDP.

Greece had the highest debt-to-GDP ratio at the end of 2024, standing at 153.6 per cent.

It was followed by Italy at 135.3 per cent, France at 113 per cent, Belgium at 104.7 per cent, and Spain at 101.8 per cent.

The lowest public debt levels were observed in Estonia, at 23.6 per cent of GDP, followed by Bulgaria at 24.1 per cent, Luxembourg at 26.3 per cent, Denmark at 31.1 per cent, Sweden at 33.5 per cent, and Lithuania at 38.2 per cent.