Cyprus’ public deficit reached 6,1% in 2009

Cyprus’ public deficit reached in 2009 6,1% of the GDP, or 1,029 billion euro, in absolute numbers.

According to data issued Thursday by Eurostat, 14 Eurozone member states recorded a deficit over 3% of their GDP, apart from Luxembourg and Finland.

Cyprus’ GDP reached 16,947 billion euro, compared to 17,248 billion euro in 2008.

Public deficit reached 1,029 billion euro or 6,1% of its GDP, while in 2008 Cyprus recorded a surplus of 0,9% of its GDP, or 158 million euro.

Cyprus’ public debt increased from 48,4% of its GDP in 2008 to 56,2% of its GDP in 2009, or 9,527 billion euro from 8,347 billion euro in 2008.

Public expenses increased to 46,4% of GDP in 2009 compared to 42,6% in 2008. Public income fell to 40,3% of GDP compared to 43,5% in 2008.