Cyprus recorded the second highest government surplus in the EU in 2024, according to Eurostat

07:52 - 23 April 2025

Economy Reporter

Cyprus recorded the second highest government surplus in the EU in 2024, according to data published by Eurostat, showing that Nicosia ranks behind Denmark in the second place, together with Ireland.

Specifically, according to Eurostat, 21 out of the 27 member states recorded a deficit, with 12 of them registering deficits equal to or greater than 3% of their GDP. In the euro area, the deficit decreased from 3.5% in 2023 to 3.1% in 2024, and in the EU from 3.5% to 3.2%.

The highest surplus was recorded by Denmark at 4.5%, followed by Cyprus and Ireland with 4.3% respectively, Greece with 1.3%, Luxembourg with 1%, and Portugal with 0.7%.

The largest deficit was recorded by Romania at 9.3%, followed by Poland at 6.6%, France at 5.8%, and Slovakia at 5.3%.

Cyprus also recorded a significant reduction in its government debt, which at the end of 2024 fell to 65% of its GDP from 73.6% in 2023, decreasing in absolute numbers from €23,081 million to €21,828 million.

Public debt in the euro area increased to 87.4% at the end of 2024 from 87.3% in 2023, and in the EU to 81%, slightly up from 80.8% at the end of 2023. In total, 12 of the 27 member states had debt exceeding 60% of their GDP.

The highest public debt at the end of 2024, as a percentage of GDP, was recorded by Greece at 153.6%, followed by Italy at 135.3%, France at 113%, Belgium at 104.7%, and Spain at 101.8%.

The lowest public debt was recorded by Estonia at 23.6% of GDP, followed by Bulgaria at 24.1%, Luxembourg at 26.3%, Denmark at 31.1%, Sweden at 33.5%, and Lithuania at 38.2%.

(Source: CNA)

Cyprus recorded the second highest government surplus in the EU in 2024, according to Eurostat

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