Cyprus fiscal deficit 5.7% of GDP in 2020

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Cyprus posted a fiscal deficit of €1.19 bln, which corresponds to 5.7% of GDP, as the government tried to borrow its ways out of the pandemic, the Statistical Service said on Thursday.

Affected by the Covid pandemic, Cyprus’ public debt rose to €24.83 bln at the end of 2020, while the island’s GDP in current prices amounted to €21 bln with a debt to GDP ratio of 118.2%.

For 2021, the fiscal deficit is projected to be reduced to €700 mln while the public debt is estimated to slightly decline to €24.68 bln, with GDP at current market prices estimated to rise to €22.10 bln (giving a GDP ratio of 111.6%).

The preliminary data have been audited and verified within the Excessive Deficit Procedure framework of the European Commission.