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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Europe’s Energy Mix Keeps Shifting As Gas And Renewables Gain Ground

by THEFUTURE.TEAM

July 6, 2026

Gas And Renewables Continue To Expand

Europe’s energy transition continued to gather pace in 2025, with natural gas and renewable energy both recording growth while coal and petroleum products extended their long-term decline, according to preliminary Eurostat figures.

Natural gas supply rose 2.3% from 2024 to around 13.1 million terajoules, marking a second consecutive year of growth after a sharp contraction in 2023. Renewable energy supply also increased, climbing 1.4% to 11.5 million terajoules despite a significant drop in hydropower generation. Nuclear energy remained broadly stable, with supply edging up 0.2% to 650,648 gigawatt-hours.

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Coal And Oil Continue Their Long Decline

Coal continued to lose ground across the EU, falling to its lowest level since records began in 1990. Brown coal supply declined 7.7% to 184,741 thousand tonnes, while hard coal fell 3.2% to 107,072 thousand tonnes. Petroleum products also remained on a downward path, with supply decreasing 2.8% year on year to 448,656 thousand tonnes, reinforcing the bloc’s gradual shift away from carbon-intensive fuels.

Renewables Remain The Leading Electricity Source

Renewables continued to dominate electricity generation, accounting for 47.2% of total EU output in 2025, although their share slipped by 0.5 percentage points from the previous year. Fossil fuels represented 29.6% of electricity generation after increasing by 3.2%, while nuclear energy accounted for the remaining 23.2%.

Within the renewable mix, wind remained the largest source, contributing 37.5% of renewable electricity, followed by solar at 27.5% and hydropower at 25.9%. Solar posted the fastest growth, with output surging 24.6%, highlighting its expanding role in Europe’s clean energy transition. Hydropower, meanwhile, fell 11.8%, reflecting the impact of weaker rainfall and lower reservoir levels.

Wide National Gaps Remain Across The Bloc

Significant differences persist among member states. Denmark generated 92.4% of its electricity from renewable sources in 2025, ahead of Austria (83.1%) and Portugal (82.9%).

Cyprus remained among the bloc’s weakest performers, with renewables accounting for 19.2% of electricity generation, well below the EU average of 47.3%. Malta (16.2%), the Czech Republic (16.6%) and Slovakia (17.8%) also ranked near the bottom.

The figures highlight the uneven pace of Europe’s energy transition, with progress continuing across the bloc but varying widely depending on national energy policies, grid capacity and available natural resources.

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