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Cyprus posts fiscal deficit of €5.7% of GDP in 2020

22/04/2021 14:42

Cyprus posted a fiscal deficit of €1.19 billion which corresponds to 5.7% of GDP, Cyprus Statistical Service said on Thursday.

According to Cystat, affected by the Covid pandemic, Cyprus’s public debt rose to €24.83 billion in the end of 2020, while the island’s GDP in current prices amounted to €21 billion with the debt to GDP ratio amounting to 118.2%.

For 2021 the fiscal deficit is projected to amount to €700 million while the public debt is estimated to decline to €24.68 billion with the island’s GDP in current market prices estimated to rise to €22.10 billion, Cystat added.

The preliminary data have been audited and verified within the Excessive Deficit Procedure framework of the European Commission, Cystat said.