Cyprus budget deficit reaches 4.8%, Greece’s budget surplus at 1.1% according to Eurostat

In 2018, the government deficit and debt of both the euro area (EA19) and the EU28 decreased in relative terms compared with 2017. In the euro area the government deficit to GDP ratio fell from 1.0% in 2017 to 0.5% in 2018, and in the EU28 from 1.0% to 0.6%. In the euro area the government debt to GDP ratio declined from 87.1% at the end of 2017 to 85.1% at the end of 2018, and in the EU28 from 81.7% to 80.0%, according data released today by Eurostat.

More specifically, Cypruss debt is estimated at 21.258 billion (or 102.5% of GDP, while GDP stands at 20.731billion), government deficit at -990 million (or -4.8%), with revenues at 39.9% and expenditure at 44.7% of GDP

Meanwhile the overal debt in Greece is estimated at 334 573 billion (181.1% of GDP, while GDP stands at 184.714 billion), the government budget surplus at 1.991 billion (or 1.1%), revenues at 47.8% and expenditure at 46.7% of GDP.

In this release, Eurostat, the statistical office of the European Union, is providing government deficit and debt data for the years 2015-2018 based on figures reported by EU Member States in the first 2019 notification, for the application of the excessive deficit procedure (EDP). This notification is based on the ESA 2010 system of national accounts.

In 2018, Luxembourg (+2.4%), Bulgaria and Malta (both +2.0%), Germany (+1.7%), the Netherlands (+1.5%), Greece (+1.1%), Czechia and Sweden (both +0.9%), Lithuania and Slovenia (both +0.7%), Denmark (+0.5%), Croatia (+0.2%) and Austria (+0.1%) registered a government surplus, while Ireland reported a government balance. Two Member States had deficits equal to or higher than 3% of GDP: Romania (-3.0%) and Cyprus (-4.8%).

At the end of 2018, the lowest ratios of government debt to GDP were recorded in Estonia (8.4%), Luxembourg (21.4%), Bulgaria (22.6%), Czechia (32.7%), Denmark (34.1%) and Lithuania (34.2%). Fourteen Member States had government debt ratios higher than 60% of GDP, with the highest registered in Greece (181.1%), Italy (132.2%), Portugal (121.5%), Cyprus (102.5%), Belgium (102.0%), France (98.4%) and Spain (97.1%).

Finally, in 2018, government expenditure in the euro area was equivalent to 46.8% of GDP and government revenue to 46.3%. The figures for the EU28 were 45.6% and 45.0% respectively. In both zones the government expenditure ratio decreased between 2017 and 2018, while the government revenue ratio increased.

Source: Cyprus News Agency