Nikos Christodoulides: Cyprus recording the third largest reduction in public debt in the EU

Cyprus is recording the third largest reduction in public debt in the EU, with a level significantly lower than the average of both the EU and the Eurozone, the President of the Republic, Nikos Christodoulides, has underlined in a post on X.

As he notes, taking into account the fact that debt is already at low levels, it is particularly important that its downward trend continues with an annual decrease of 6.1 percentage points.

More specefically, the President posted, "Cyprus is recording the third largest reduction in public debt in the EU, with a level significantly lower than both the EU and Eurozone averages. Considering that debt is already at low levels, it is particularly significant that its downward trend continues with an annual reduction of 6.1 percentage points. This is a clear sign of resilience and responsible economic planning. The course of the Cypriot economy confirms in practice that prudent and responsible fiscal policy brings measurable results. The target for public debt as a percentage of GDP below 60% was achieved a year earlier. This translates into shielding the economy, greater international credibility, lower borrowing costs, more fiscal space to support the middle class, investments in health, education, housing and the social state. Above all, Cyprus."

 

 

 

(Sources: InBusinessNews, X)