Insider Business Eurostate: Public debt in Cyprus rises to €20.932 b in Q2 2018

Eurostate: Public debt in Cyprus rises to €20.932 b in Q2 2018

Public debt in Cyprus increased from €19.855 b in Q2 2017 and €18.531 b in Q1 2018 to €20.932 b in Q2 2018, according to data released today by Eurostat.

This corresponds to a 104.4% of GDP in Q2 2017, 93.4% in Q1 2018 and 104% in Q2 2018, or -0.3 pp annually and  +10.6 pp quarterly.

At the end of the second quarter of 2018, the government debt to GDP ratio in the euro area (EA19) stood at 86.3%, compared with 86.9% at the end of the first quarter of 2018. In the EU28, the ratio decreased from 81.5% to 81.0%. Compared with the second quarter of 2017, the government debt to GDP ratio fell in both the euro area (from 89.2% to 86.3%) and the EU28 (from 83.4% to 81.0%).

At the end of the second quarter of 2018, debt securities accounted for 81.1% of euro area and for 81.9% of EU28 general government debt. Loans made up 15.9% and 14.0% respectively and currency and deposits represented 3.0% of euro area and 4.1% of EU28 government debt.

The highest ratios of government debt to GDP at the end of the second quarter of 2018 were recorded in Greece (179.7%), Italy (133.1%) and Portugal (124.9%), and the lowest in Estonia (8.3%), Luxembourg (22.0%) and Bulgaria (23.8%).

Compared with the first quarter of 2018, six Member States registered an increase in their debt to GDP ratio at the end of the second quarter of 2018, twenty-one a decrease and the ratio remained stable in Sweden. The highest increases in the ratio were recorded in Cyprus (+10.6 percentage points – pp), Latvia (+1.4 pp), the United Kingdom (+1.1 pp) and Slovakia (+1.0 pp). The largest decreases were recorded in Slovenia (-2.8 pp), Germany (-1.2 pp), the Netherlands (-1.1 pp) and Lithuania (-1.0 pp).

Compared with the second quarter of 2017, three Member States registered an increase in their debt to GDP ratio at the end of the second quarter of 2018, and twenty-five a decrease. An increase in the ratio was recorded in Greece (+3.5 pp), the United Kingdom (+0.3 pp) and Slovakia (+0.1 pp), while the largest decreases were recorded in Slovenia (-7.4 pp), Lithuania (-6.5 pp), Ireland (-6.4 pp), Portugal (-5.9 pp) and Malta (-5.5 pp).

(Cyprus News Agency)

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