12 C
Nicosia
Sunday, January 29, 2023

Eurostat: At 119.5% the debt to GDP in Cyprus in the 3rd quarter

Must read

Eurostat: At 119.5% the debt to GDP in Cyprus in the 3rd quarter

At the end of the third quarter of 2020 the ratio of public debt to GDP in the euro area reached 97.3%, compared to 95.0% at the end of the second quarter of 2020, and in the EU, the ratio increased from 87.7% to 89.8%, according to data published by Eurostat, the statistical office of the European Union .

Compared to the third quarter of 2019, the ratio of public debt to GDP increased both in the euro area (from 85.8% to 97.3%) and in the EU (from 79.2% to 89.8%). ): the increases are due to two factors – public debt increases significantly and GDP decreases. At the end of the third quarter of 2020, debt securities accounted for 82.3% of the euro area and 82.1% of EU general government debt. Loans accounted for 14.5% and 14.8% respectively and currency and deposits accounted for 3.3% of the euro area and 3.1% of the EU's public debt.

In terms of intergovernmental lending (IGL), its share of GDP at the end of the third quarter of 2020 was 2.0% in the euro area and 1.7% in the EU.

The highest rates of government debt to GDP at the end of the third quarter of 2020 were recorded in Greece (199.9%), Italy (154.2%), Portugal (130.8%), Cyprus (119.5%) ), France (116.5%), Spain (114.1%) and Belgium (113.2%), and the lowest in Estonia (18.5%), Bulgaria (25.3%) and Luxembourg (26 , 1%).

Compared to the second quarter of 2020, twenty Member States recorded an increase in the debt-to-GDP ratio at the end of the third quarter of 2020 and a decrease of five, while the ratio remained stable in Estonia and the Netherlands.

The largest increases in the ratio were observed in Greece (+8.5 percentage points), Cyprus (+6.2), Italy (+4.9), Portugal (+4.8), Lithuania (+4, 6) and Bulgaria (+ 4.0). Reductions were recorded in Austria (-3.4), Finland (-1.7), the Czech Republic (-1.5), Belgium (-0.9) and Ireland (-0.7).

Compared to the third quarter of 2019, all Member States recorded an increase in the debt-to-GDP ratio at the end of the third quarter of 2020. The largest increases in the index occurred in Cyprus (+22.9), Italy (+17, 4), Greece (+17.3), Spain (+16.6) and France (+16.5).

At the same time, in the third quarter of 2020, the seasonally adjusted general government deficit to GDP ratio stood at 5.8% in the euro area and 5.6% in the EU.

In the third quarter of 2020, total government revenue in the euro area amounted to 46.2% of GDP, compared to 47.7% of GDP in the second quarter of 2020. This decrease as a percentage of GDP is due to the stronger GDP growth relative to the increase in total revenue, as seasonally adjusted total revenue in the euro area increased by around € 99 billion compared to the second quarter of 2020.

Total government expenditure in the euro area amounted to 52.1% of GDP, a significant decrease of the index compared to 59.6% in the previous quarter.

Seasonally adjusted total government spending fell by around € 41 billion compared to the second quarter of 2020, mainly due to the lower impact of policy measures to mitigate the economic and social impact of the COVID-19 pandemic.

In the EU, total government revenue was 46.0% of GDP in the third quarter of 2020, a decrease compared to 47.4% of GDP in the second quarter of 2020. Total EU public spending was 51.6% of GDP, decrease compared to 59.0% of GDP in the previous quarter.

Philenews / ΚΥΠΕ

Source: www.philenews.com

- Advertisement -AliExpress WW

More articles

- Advertisement -AliExpress WW

Latest article