Cyprus posts EU’s third largest public debt reduction, president says
Nicosia, Cyprus. Cyprus recorded the third largest reduction in public debt in the European Union, with levels below the EU and Eurozone averages, President Nikos Christodoulides said on Tuesday.
Debt reduction and fiscal policy
In a post on X, Christodoulides said the downward trend in public debt continued despite debt already being at low levels, citing an annual reduction of 6.1 percentage points. He described the development as an indication of resilience and responsible economic planning, and said prudent fiscal policy delivers measurable results.
Target reached ahead of schedule
The president said the target of keeping public debt below 60% of GDP was achieved a year earlier than planned.
Expected impact on economy and spending
Christodoulides said the reduction helps shield the economy, strengthens international credibility, lowers borrowing costs, and creates fiscal space to support the middle class and investments in health, education, housing, and the social state.
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