Cyprus had the largest annual decrease in public debt in the EU28 for Q3 2017

Cyprus had the largest annual decrease in public debt in the EU28 for Q3 2017


 


Cyprus had the second largest debt decrease in quarterly basis (-2.9 pp) and the largest decrease in annual basis (-7.4 pp), among EU 28 countries, according to Eurostat data released today. Mores specifically in Q3 2017 Cyprus debt was 103.2% compared with 106.1% in Q2 2017 and 110.6% in Q3 2016.

At the end of the third quarter of 2017, the government debt to GDP ratio in the euro area (EA19) stood at 88.1%, compared with 89.0% at the end of the second quarter of 2017. In the EU28, the ratio also decreased from 83.3% to 82.5%.

Compared with the third quarter of 2016, the government debt to GDP ratio fell in both the euro area (from 89.7% to 88.1%) and the EU28 (from 82.9% to 82.5%).

The highest ratios of government debt to GDP at the end of the third quarter of 2017 were recorded in Greece (177.4%), Italy (134.1%) and Portugal (130.8%), and the lowest in Estonia (8.9%), Luxembourg (23.4%) and Bulgaria (25.6%).

Compared with the second quarter of 2017, three Member States registered an increase in their debt to GDP ratio at the end of the third quarter of 2017, twenty three a decrease and the debt-to-GDP ratio for Estonia and Luxembourg remained unchanged. The highest increases in the ratio were recorded in Greece (+1.3 percentage points – pp) and Belgium (+0.9 pp).

The largest decreases were recorded in the Czech Republic (-4.3 pp), Cyprus (-2.9 pp), Lithuania (-2.3 pp) and Bulgaria (-2.1 pp).

Compared with the third quarter of 2016, three Member States registered an increase in their debt to GDP ratio at the end of the third quarter of 2017, twenty four a decrease and Latvia remained stable.

Increases in the ratio were recorded in Italy (+2.0 pp), Luxembourg (+1.7 pp) and France (+1.0 pp), while the largest decreases were recorded in Cyprus (-7.4 pp), the Netherlands (-4.5 pp), Malta (-4.4 pp) and Germany (-4.1 pp). Source: CNA


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