Cyprus Government debt increases by 7.6% in Q3 2011

Government debt in Cyprus increased by 7.6% during the third quarter of 2011, compared to the third quarter of 2010. In Greece, Portugal and Ireland were recorded the highest increases of government debt.

According to Eurostat, the Statistical Office of the EU, Cyprus debt to GDP ratio reached 67.5% in third quarter of 2011, compared to 59.9% in the same quarter of 2010.

Government debt in Greece increased by 20.3% reaching 159.1% of GDP. In Portugal, government debt increased by 18.9% reaching 110.1% of GDP, and in Ireland increased by 16.5% reaching 104.9% of GDP.

During the same period, compared with the third quarter of 2010, the government debt to GDP ratio rose in both the euro area (from 83.2% to 87.4%) and the EU27 (from 78.5% to 82.2%).

According to Eurostat, the ratios of government debt to GDP at the end of the third quarter of 2011 in Euro-zone states ware: Greece 159.1%, Italy 119.6%, Portugal 110.1%, Ireland 104.9%, Belgium 98.5%, France 85.2%, Germany 81.8%, Austria 71.6%, Malta 70.3%, Cyprus 67.5%, Spain 66.0%, Netherlands 64.5%, Finland 47.2%, Slovenia 44.4%, Slovakia 42.2%, Luxembourg 18.5% and Estonia 6.1%.