Cyprus leads EU in significant debt reduction

In a notable economic feat, Cyprus has taken the lead in reducing public debt among EU member states.

Latest Eurostat data indicates a substantial 5.6% drop in Cyprus' debt-to-GDP ratio in the third quarter of 2023, reaching 79.4%, just below the EU average of 82.6%.

Comparatively, Cyprus has outperformed the EU average of 83% in the second quarter of 2023 and significantly cut its debt by 10.3% from the third quarter of 2022. This achievement positions Cyprus as a standout in the ongoing efforts to stabilize the EU's economic landscape.

Across the Eurozone, government debt as a percentage of GDP improved to 89.9%, signaling positive momentum from 90.3% in Q2 2023 and 92.2% in Q3 2022.

Several EU countries witnessed positive quarterly changes, with Luxembourg, Portugal, Croatia, Greece, Spain, Netherlands, and Slovakia registering reductions. Conversely, Belgium, Latvia, Slovenia, and Romania experienced slight increases in government debt.

At the end of Q3 2023, Greece recorded the highest debt-to-GDP ratio at 165.5%, while Estonia boasted the lowest at 18.2%.

Cyprus' outstanding reduction in public debt reflects a commitment to fiscal responsibility, contributing to positive economic trends in the EU.