Eurostat outlines Cyprus position as EU Council presidency commences

Cyprus assumes the reins of the EU Council presidency with strong public finances and high investment levels, according to figures released by Eurostat on Friday.

The data show Cyprus running a budget surplus of 4.1 per cent of GDP, compared with an EU average deficit of 3.1 per cent, while public debt stands at 62.8 per cent of GDP, well below the bloc’s average of 80.7 per cent.

Investment accounts for 25.2 per cent of GDP, significantly higher than the EU average, with household investment the highest in the union.