Cyprus’s fiscal surplus in 2023 amounted to €918.7 million or 3.1% of GDP, marking the highest percentage of GDP among EU Member States according to data released by Eurostat.
Specifically, in 2023, all Member States, except Cyprus and Denmark (both at +3.1%), Ireland (+1.7%), and Portugal (+1.2%), reported deficits. The highest deficits were recorded in Italy (-7.4%), Hungary (-6.7%), and Romania (-6.6%). Eleven Member States had deficits exceeding 3% of GDP.
By the end of 2023, the lowest public debt-to-GDP ratios were observed in Estonia (19.6%), Bulgaria (23.1%), Luxembourg (25.7%), Denmark (29.3%), Sweden (31.2%), and Lithuania (38.3%). Thirteen Member States had public debt ratios exceeding 60% of GDP, with the highest recorded in Greece (161.9%), Italy (137.3%), France (110.6%), Spain (107.7%), and Belgium (105.2%).
In 2023, public expenditures in the euro area accounted for 50.0% of GDP, while public revenues stood at 46.4%.
The corresponding figures for the EU were 49.4% and 45.9%, respectively. Both public revenue and expenditure ratios decreased in both the euro area and the EU compared to 2022.
