Cyprus’ public debt further decreases to 107% of GDP in Q1 2017, Eurostat says

Cyprus’ public debt decreased to 107.0% in the first quarter of 2017 from 107.8 in the last quarter of 2016, according to Eurostat.

Meanwhile at the end of the first quarter of 2017, the government debt to GDP ratio in the euro area (EA19) stood at 89.5%, compared with 89.2% at the end of the fourth quarter of 2016.

In the EU28, the ratio also increased from 83.6% to 84.1%. Compared with the first quarter of 2016, the government debt to GDP ratio fell in both the euro area (from 91.2% to 89.5%) and the EU28 (from 84.3% to 84.1%).

The highest ratios of government debt to GDP at the end of the first quarter of 2017 were recorded in Greece (176.2%), Italy (134.7%) and Portugal (130.5%), and the lowest in Estonia (9.2%), Luxembourg (23.0%) and Bulgaria (28.6%).

Compared with the fourth quarter of 2016, twelve Member States registered an increase in their debt to GDP ratio at the end of the first quarter of 2017, and fifteen a decrease.

The highest increases in the ratio were recorded in the Czech Republic (+3.1 percentage points � pp), Luxembourg (+3.0 pp), Croatia (+2.6 pp) and France (+2.3 pp). The largest decreases were recorded in Greece (-2.9 pp), the Netherlands (-2.2 pp) and Austria (-2.0 pp).

Compared with the first quarter of 2016, eight Member States registered an increase in their debt to GDP ratio at the end of the first quarter of 2017, and nineteen a decrease.

The highest increases in the ratio were recorded in Latvia (+2.7 pp) and Poland (+2.2 pp), while the largest decreases were recorded in the Netherlands (-4.7 pp), Germany (-4.0 pp), Austria (-3.8 pp), Malta (-2.9 pp) and Denmark (-2.7 pp).

Eurostat also released deficit figure, that do not include Cyprus. According to that, in the first quarter of 2017, the seasonally adjusted general government deficit to GDP ratio stood at 0.9% in the euro area (EA19), a decrease compared with 1.1% in the fourth quarter of 2016. In the EU28, the deficit to GDP ratio stood at 1.0%, a decrease compared with 1.2% in the previous quarter.

In the first quarter of 2017, total government revenue in the euro area amounted to 46.5% of GDP, an increase compared with 46.3% in the fourth quarter of 2016. Total government expenditure in the euro area stood at 47.4% of GDP, stable compared to the previous quarter. In the EU28, total government revenue was 45.2% of GDP in the first quarter of 2017, compared with 45.1% in the fourth quarter of 2016. Total government expenditure in the EU28 was 46.2% of GDP, compared with 46.3% in the previous quarter.

Source: Cyprus News Agency