Cyprus Achieves Largest Debt Reduction in Eurozone

by THEFUTURE.TEAM

October 23, 2024

Cyprus made significant strides in reducing its government debt, with the debt-to-GDP ratio falling to 70.5% by the end of the second quarter of 2024, according to Eurostat. This represents the largest decrease in the eurozone, with a 2.1% drop from Q1 2024 and a notable 10% reduction from Q2 2023.

In contrast, both the eurozone and the EU saw slight increases in their debt-to-GDP ratios. The eurozone’s ratio increased to 88.1% (up from 87.8% in Q1 2024), and the EU’s rose to 81.5% (up from 81.3%).

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Despite Cyprus’ success, some countries continue to struggle with high debt levels. Greece and Italy recorded the highest ratios at 163.6% and 137.0%, respectively. Meanwhile, Bulgaria and Estonia maintained the lowest ratios at 22.1% and 23.8%.

The eurozone’s government debt is largely composed of debt securities, accounting for 84% of the total, while intergovernmental lending made up 1.5% of GDP.

Cyprus’ impressive debt reduction stands in contrast to the increases seen in countries such as Finland and Austria, demonstrating the country’s effective fiscal management amid global economic pressures.

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Cyprus Ranks In EU’s Middle Tier For Minimum Wage After Cost Adjustment

by News Editor

August 20, 2026

Cyprus sits in the middle tier of the European Union’s minimum wage ranking when differences in living costs are taken into account, according to Eurostat.

Based on data from July 1, 2026, Cyprus falls into the group with minimum wages between 1,000 and 1,500 Purchasing Power Standards (PPS). The category also includes Greece, Malta, Portugal, Romania, Croatia, Lithuania, Slovakia, Hungary and Czechia.

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After adjusting for purchasing power, Cyprus drops four positions compared with its nominal ranking.

Purchasing Power Gives A Different Picture

PPS adjusts for price differences between countries, providing a better indication of how much people can actually buy with their income.

The adjustment significantly narrows the gap between EU minimum wages. While Luxembourg has the highest nominal minimum wage, Germany ranks first when wages are measured in PPS.

Cyprus Hit By Higher Inflation

Differences in inflation have also affected purchasing power. Euro-area inflation reached 3.2% between January and July, while Malta recorded 8.2%, Cyprus 5.4% and the Netherlands 4.7%.

Countries with minimum wages of at least 1,500 PPS form the top group. This includes Germany, Luxembourg, the Netherlands, Belgium, Ireland, France, Slovenia, Spain and Poland.

At the other end, Bulgaria, Latvia and Estonia remain below 1,000 PPS.

Nominal And Purchasing Power Rankings Differ

In nominal euro terms, Luxembourg’s minimum wage was 4.5 times higher than Bulgaria’s on July 1. Once purchasing power is considered, the gap between the highest and lowest levels falls to 2.3 times.

Romania recorded one of the largest improvements, moving from 20th place in the nominal ranking to 12th in PPS terms. Estonia saw the biggest decline, falling from 16th to 26th place. Cyprus, Latvia and Czechia each dropped four positions.

Minimum Wages Rose In Several Countries

Between January and July 2026, eight of the 29 countries covered by Eurostat recorded increases in their minimum wages in local currency.

Romania and Estonia posted the largest increases at 6.8%, followed by Belgium at 5.8%, Greece at 4.5%, Luxembourg at 2.5%, France at 2.4% and the Netherlands at 1.9%.

Eurostat notes that minimum wages are generally reported as monthly gross earnings, before income tax and employee social security contributions.

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