The general government gross debt to GDP ratio in Cyprus increased by 2,2 percentage points (pp) to 85,3% at the end of the second quarter of 2023, compared to the first quarter of 2023, the highest among member states, according to data published by Eurostat, the statistical office of the European Union. At the same time, in Cyprus a decrease of 8,1 p.m. was recorded compared to the second quarter of 2022 (third largest decrease in the EU).
At the Eurozone level, this ratio decreased slightly to 90,3% in the 2nd quarter of 2023 compared to the 1st quarter of the year (90,7%). At EU level, this indicator decreased to 83,1% in the 2nd quarter of the year compared to the 1st quarter (83,4%).
As mentioned, both in the Eurozone and in the EU the reduction in the ratio of public debt to GDP is due to the fact that the increase in GDP in absolute numbers exceeded the increase in public debt.
A decrease was recorded in Q2 2023 and compared to Q2 2022, both in the Eurozone (from 93,5% to 90,3%) and in the EU (from 85,9% to 83,1%).
Among member states, the highest ratio of public debt to GDP in the 2nd quarter of 2023 was recorded in Greece (166,5%). Italy (142,4%), France (111,9%), Spain (111,2%), Portugal (110,1%) and Belgium (106,0%) followed.
The lowest proportion was recorded in Estonia (18,5%), followed by Bulgaria (21,5%), Luxembourg (28,2%), Denmark (30,2%) and Sweden (30,7%) .
Compared to Q1 2023, the debt-to-GDP ratio at the end of Q2 2023 increased in nine Member States and decreased in 18 Member States.
The largest increases were recorded in Cyprus (+2,2 p.m.), Slovakia (+1,6 p.m.), Italy (+1,5 p.m.), Finland and Estonia (+1,3 p.m.), while the largest decreases were recorded in Latvia (-3 p.m.), Croatia (-5 p.m.), Portugal (-2,6 p.m.), Greece (-2,2 p.m.), Malta (-2,1 p.m. ), Austria (-1,7 p.m.), Slovenia (-1,6 p.m.), the Netherlands (-1,5 p.m.), Germany (-1,4 p.m.) and Sweden (-1,1 a.m).
Compared to Q2 2022, the ratio increased in six Member States and decreased to 21 compared to Q2 2023.10.23
The ratio increased in Luxembourg (+2,9 p.m.), Finland (+2,1 p.m.), Estonia (+1,6 p.m.), Czech Republic (+0,8 p.m.), Slovakia (+0,4 BC) and Bulgaria (+0,2 BC), while the biggest decreases were observed in Greece (-16 BC), Portugal (-6 BC), Cyprus (-11,8 BC), Ireland (-8,1 p.m.), Croatia (-7,4 p.m.), Slovenia (-6,0 p.m.), Austria and Italy (-4,5 p.m.), Spain (-4,0 p.m.) and the Netherlands (-3,3 p.m.).
Also, at the end of Q2 2023, debt securities accounted for 83,4% of debt in the euro area and 82,9% of general government debt in the EU. Loans made up 13,8% in the euro area and 14,3, 2,8% in the EU and foreign exchange and deposits accounted for 2,7% in the euro area and XNUMX% in the EU.
Due to the involvement of EU member state governments in lending to some member states, Eurostat also publishes quarterly figures on intergovernmental lending (IGL).
IGL as a percentage of GDP at the end of the second quarter of 2023 was at 1,6% in the Eurozone and at 1,3% in the EU. In Cyprus this percentage was at 1,1%.
KYPE