Cyprus achieved the strongest public debt reduction across the European Union in 2024, according to the latest Eurostat figures, demonstrating the country’s robust fiscal health.
The EU statistical office reported that during the second quarter of 2024, nine member states saw their debt-to-GDP ratios increase, whilst 17 recorded decreases, with Denmark remaining stable compared to the first quarter.
Cyprus led the quarterly improvements with a 2.1 percentage point reduction, followed by Croatia (-2.0%), Greece (-1.8%), Lithuania (-1.7%), Spain (-0.9%), Czech Republic (-0.8%), the Netherlands and Germany (both -0.7%), and Romania (-0.6%).
Year-on-year figures showed 13 member states reporting higher debt-to-GDP ratios in the second quarter of 2024 compared to the same period in 2023, whilst another 13 saw decreases, with the Czech Republic remaining unchanged.
Finland recorded the steepest annual increase at 5.2%, followed by Estonia (+4.7%), Latvia and Poland (both +4.0%), Austria (+3.1%), Belgium (+2.3%), Romania (+2.2%), and Slovakia (+1.0%).
The most significant annual improvements were seen in Cyprus (-10.0%), Greece (-8.9%), Portugal (-8.1%), Croatia (-5.7%), Spain (-3.5%), the Netherlands (-2.2%), Germany (-1.7%), and Luxembourg (-1.3%).
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