Cyprus Records Highest Decrease of Debt to GDP Ratio

DATE: Jan 24, 2015
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CATEGORY: FINANCE
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AUTHOR: OPulse Admin

Cyprus recorded the highest decrease (-5.1%) in the ratio of public debt during Q3 of 2014, compared to Q2.

As a result, public debt stood at 104.7% of GDP during the third quarter, compared to 109.8% of GDP during the second quarter.

According to Eurostat, the Statistical Office of the European Union, the government debt to GDP ratio in the euro area (EA18) stood at 92.1% at the end of Q3 2014, compared with 92.7% at the end of Q2 2014.

In the EU28, the ratio decreased from 87% to 86.6%. This decrease in the EU28 government debt to GDP ratio comes after fifteen consecutive quarters of increase.

The highest ratios of government debt to GDP at the end of the third quarter of 2014 were recorded in Greece (176%), Italy (131.8%) and Portugal (131.4%), whilst the lowest were registered in Estonia (10.5%), Luxembourg (22.9%) and Bulgaria (23.6%).

The highest decreases in ratio, meanwhile, were recorded in Cyprus (-5.1%), Malta (-2.7%) and Hungary (-2.6%), and the highest increases in Bulgaria (+3.1%), Portugal (+1.9%) and Denmark (+1.6 %).