Fiscal Success for Cyprus: 2nd-Highest Surplus in EU and Lower Public Debt

According to Eurostat data published on April 22, Cyprus recorded a budget surplus of 4.3% of its GDP in 2024, ranking second among EU member states — tied with Ireland and just behind Denmark at 4.5%. This is a standout achievement, as 21 of the 27 EU countries reported budget deficits during the same period.

Cyprus also significantly reduced its public debt. By the end of 2024, the debt-to-GDP ratio fell to 65%, down from 73.6% in 2023 — a drop from €23.08 billion to €21.83 billion. This stands out as the eurozone average debt slightly increased to 87.4%, and the EU average reached 81%.

Cyprus’ fiscal success reflects strong economic governance and bolsters its position as a credible business destination. With continued reforms and responsible policy, the country remains on a path of resilience and sustainable growth. Looking ahead, the Cyprus Government aims to further reduce public debt and is committed to maintaining a competitive, stable, and investor-friendly environment that supports business growth, headquartering, and global relocation.

Official source: CNA