Cyprus had the biggest increase in its tax-to-GDP ratio within the EU
4 ноября 2024 г.

Cyprus had the biggest increase in its tax-to-GDP ratio within the EU

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According to latest data from the EU's statistical agency, Eurostat, Cyprus had the biggest increase in its tax-to-GDP ratio among EU members in 2023. Cyprus's tax-to-GDP ratio remained below the EU average, which experienced a minor fall during the same time, despite this notable increase.

Throughout the EU, the tax-to-GDP ratio, which shows the sum of taxes and net social contributions as a percentage of GDP, hit 40.0% in 2023. This was a drop from 2022's 40.7%. The eurozone had a similar decline, with the tax-to-GDP ratio falling from 41.4% in 2022 to 40.6% in 2023.

Eleven EU countries had higher tax-to-GDP ratios in 2023 than the year before. With a rise from 35.9% in 2022 to 38.8% in 2023, Cyprus topped the growth, followed by Luxembourg, whose ratio increased from 40.2% to 42.8%.

On the other hand, this measure fell in 12 EU nations, with Greece and France experiencing the biggest drops. France's tax-to-GDP ratio decreased from 47.6% to 45.6% in 2023, whereas Greece's decreased from 42.8% in 2022 to 40.7% in 2023.

In absolute terms, EU revenue from taxes and social contributions grew by 308 billion euros in 2023, totalling 6.883 trillion euros.

Tax-to-GDP ratios continued to vary widely across EU countries. The highest ratios were recorded in France (45.6%), Belgium (44.8%), and Denmark (44.1%), while Ireland (22.7%), Romania (27.0%), and Malta (27.1%) reported the lowest levels in 2023.