Cyprus has posted the second-largest government surplus in the European Union for 2024, tying with Ireland and just behind Denmark, according to new data released by Eurostat this week.
While most EU countries ran budget deficits last year, Cyprus stood out with a strong surplus of 4.3% of its GDP. Only Denmark did better, with a surplus of 4.5%. Ireland also matched Cyprus at 4.3%, while Greece, Luxembourg, and Portugal followed at lower levels.
Cyprus’ fiscal performance in 2024 marks a strong turnaround, highlighting both tight financial management and economic resilience amid wider European challenges.
Cyprus also made progress on reducing its public debt. By the end of 2024, the island’s debt fell to 65% of GDP – down from 73.6% the year before. That translates to a drop from 23.1 billion euros to €21.8 billion.
Across the eurozone, average government debt crept up slightly to 87.4% of GDP, while the EU overall saw an increase to 81%. A dozen EU countries still carry debt levels above 60% of GDP. At the other end, Estonia recorded the lowest debt at 23.6%, followed by Bulgaria, Luxembourg, and Denmark, according to Eurostat.
