Cyprus one of Euroarea’s four states with budget surplus in ’08

Cyprus was one of the 4 Euroarea member-states with budget surplus in 2008, according to Eurostat, the EU's Statistical service, updated figures released today.

Cyprus marked a 158-million-euro budget surplus or 0.9 of Cyprus' GDP.

Figures also show that Cyprus in 2008 achieved a significant reduction of its public debt by 9.9 percentage units or 48.4% compared to 58.3% of 2007. In absolute numbers, Cyprus' public debt declined to 8.347 billion euros compared to 9.262.

Public revenues amounted to 43.5% of GDP, while public expenditure rose slightly to 42.6% of GDP compared to 42.2% in 2007.