Nicosia, Cyprus. Cyprus’ general government gross debt fell to 54.6 per cent of GDP at the end of the first quarter of 2026, marking the second-largest annual decline among European Union member states, according to Eurostat data released on Tuesday.
The debt-to-GDP ratio declined by 7.4 percentage points from the first quarter of 2025, while debt ratios increased across the euro area and the EU.
Cyprus debt figures
Cyprus’ government debt ratio stood at 54.6 per cent of GDP at the end of March 2026, down from 55 per cent at the end of the fourth quarter of 2025 and 62 per cent in the first quarter of 2025.
In absolute terms, government debt totalled €20.09 billion in the first quarter of 2026, compared with €20.08 billion at the end of 2025.
Greece recorded the largest annual reduction in the EU, with its debt-to-GDP ratio falling by 9.4 percentage points.
Euro area and EU debt ratios
The euro area government debt ratio rose to 88.9 per cent of GDP at the end of the first quarter of 2026, from 87.7 per cent in the previous quarter.
Across the EU, the debt ratio increased to 82.9 per cent of GDP from 81.8 per cent over the same period.
Compared with the first quarter of 2025, the euro area ratio rose from 87.2 per cent to 88.9 per cent, while the EU ratio increased from 81.4 per cent to 82.9 per cent.
Composition of government debt
Debt securities represented the largest share of government debt at the end of the first quarter, accounting for 84.3 per cent of total debt in the euro area and 83.6 per cent in the EU.
Loans accounted for 13.2 per cent of euro area debt and 13.9 per cent of EU debt. Currency and deposits represented 2.5 per cent in both areas.
Intergovernmental lending accounted for 1.3 per cent of GDP in the euro area and 1.1 per cent in the EU, Eurostat said.
