EUROSTAT: Public debt and fiscal deficit drop in 2013 in Cyprus

Public debt decelerated and fiscal deficit fell in 2013 in Cyprus, data released by Eurostat on Tuesday show.

EU data show that public deficit stood at 891 million euro or -4.9% of GDP in 2013 compared to 1,130 million euro or -5.8% of GDP in 2012. A first estimate published last April projected a deficit of 5.4%.

Public debt in 2013 was 18,519 million euro or 102.2% of GDP compared to 2012 when it was recorded at 15,431 million euro or 79.5% of GDP.

A new methodology used by Eurostat has lead to a shrinking of the debt as a percentage of GDP of 9.5%, the highest in the EU.

Public revenue in 2013 was up to 36.5% of GDP in 2013 compared to 36.3% in the previous year.

Public expenditure reached 41.4% of GDP, recording the same percentage as 2012 but an actual drop.

The Eurostat data also show that Cyprus had contributed a total of 393 million euro or 2.2% of its GDP towards the bailouts of other troubled countries (Greece, Ireland, Portugal) before it also entered an adjustment programme.