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Cyprus public deficit shrinks, debt rises

24 April, 2014

The Cyprus public deficit shrank in 2013 compared to 2012, while the public debt increased, according to Eurostat’s first notification regarding the fiscal performance of EU member states for 2013.
According to EU data, the public deficit in Cyprus in 2013 was around €897 mln or -5.4% of GDP, while in 2012 it had risen to €1,135 mln or -6.4% of GDP.
The public debt in 2013 reached €18,442 mln or 111.7% of GDP. In 2012 the public debt was €15,350 mln or 86.6% of GDP. The steep increase in the debt is due to loans given to Cyprus by the Eurozone and the IMF in the framework of the bailout programme.
Total Cyprus GDP in 2013 was around €16,504 mln compared to €17,720 mln in 2012.
Regarding public revenue, in 2013 it rose to 40.3% of GDP from 39.4% in 2012.
Public expenditure remained unchanged at 45.8% of GDP.
Cyprus has contributed a total of €393 mln or 2.4% of GDP to countries following a bailout programme (Greece, Ireland, Portugal), before Cyprus entered its own bailout programme.
In 2013, the government deficit of both the Euro area (EA18) and the EU28 decreased in absolute terms compared with 2012, while the government debt rose in both zones.
In the Euro area the government deficit to GDP ratio decreased from 3.7% in 2012 to 3.0% in 2013, and in the EU28 from 3.9% to 3.3%. In the Euro area the government debt to GDP ratio increased from 90.7% at the end of 2012 to 92.6% at the end of 2013, and in the EU28 from 85.2% to 87.1%.