Sustainable Bond Framework
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Positive public debt dynamics from 2021 onwards
In 2020, the increase of the debt-to-GDP ratio to
113.5 percent (of which 12 percent was due to
increased cash buffer) from 90.4 percent the year before,
was attributed to the revision of the Annual Funding Plan
targeted to tackle the challenges of the pandemic crisis
from the beginning of the year.
Evolution of gross and net general government debt, %
120.0
110.0
113.5
108.2106.8
102.6
102.6
101.0
98.1
100.0
90.4
92.6
102.4103.0
98.3
97.4
90.0
95.7
97.0
$86.5
In 2021, general government
debt recorded a
79.7
80.6
89.3
89.5
substantial decrease of about 12.5 percentage points (p.p)
of the GDP, reaching 101% of the GDP, which was the
highest reduction among the euro area countries.
80.0
86.2
74.1
65.7 78.6
76.9
70.0
Gross Debt/GDP
56.3
60.0
Net debt/GDP
61.6
50.0 55.6
In 2022 the general government debt recorded a
further reduction of about 14.5 p.p reaching 86.5% of
GDP, which constitutes the second largest decrease of
debt to GDP in the EU.
The debt-to-GDP ratio is expected to further decline
during the medium term and fall below 75 percent of
GDP by the end of 2025, to about 71 percent. However,
there is a high uncertainty surrounding the developments
of the Russian- Ukraine crisis, along with the global
economic uncertainty.
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022(est.)
2023(f)
2024(f)
Source: Cyprus Statistical Service, Ministry of Finance
Note: "f" denotes forecasts by the Ministry of Finance as of April 2022. All forecasts are based on assumptions and there can be no assurance they will be realised.
17
2025(f)
70.0View entire presentation