Cyprus debt to GDP ratio drops to 109% in Q2 2016

Cyprus debt to GDP ratio drops to 109% in Q2 2016

Cyprus debt to GDP ratio has dropped further by -0.3 points, to 109%, in the second quarter of 2016, according to Eurostat. The difference since the same period of 2015 is -1,8 points.

In absolute terms, the public debt deescalated from 19.266 billion in Q2 2015 to 19.046 billion in Q1 2016 and further to 19.044 billion in Q2 2016 and from 110.7% to 109.3% and 109.0% respectively. Its basic components have been debt securities, 33.7 percentage points and loans 75.2.

Meanwhile, at the end of the second quarter of 2016, the government debt to GDP ratio in the euro area (EA19) stood at 91.2%, compared with 91.3% at the end of the first quarter of 2016. In the EU28, the ratio decreased from 84.5% to 84.3%. Compared with the second quarter of 2015, the government debt to GDP ratio fell in both the euro area (from 92.1% to 91.2%) and the EU28 (from 87.5% to 84.3%). At the end of the second quarter of 2016, debt securities accounted for 79.5% of euro area and for 81.0% of EU28 general government debt. Loans made up 17.5% and 15.2% respectively and currency and deposits represented 2.9% of euro area and 3.9% of EU28 government debt.

The highest ratios of government debt to GDP at the end of the second quarter of 2016 were recorded in Greece (179.2%), Italy (135.5%) and Portugal (131.7%), and the lowest in Estonia (9.7%), Luxembourg (22.0%) and Bulgaria (29.4%).

Compared with the first quarter of 2016, thirteen Member States registered an increase in their debt to GDP ratio at the end of the second quarter of 2016 and fifteen a decrease. The highest increases in the ratio were recorded in Greece (+3.1 pp), Portugal (+2.8 pp) and Latvia (+2.6 pp). The largest decreases were recorded in Finland (-2.7 pp), Ireland (-2.6 pp) and Hungary (-1.6 pp).

Compared with the second quarter of 2015, thirteen Member States registered an increase in their debt to GDP ratio at the end of the second quarter of 2016 and fifteen a decrease. The highest increases in the ratio were recorded in Greece (+9.7 pp), Latvia (+3.7 pp), Portugal (+2.9 pp), Poland (+2.7 pp) and Lithuania (+2.6 pp), while the largest decreases were recorded in Ireland (-13.0 pp), the Netherlands (-3.3 pp) and Hungary (-3.2 pp).

CNA/THA/MM/2016
ENDS, CYPRUS NEWS AGENCY