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Cyprus Achieves Largest Debt Reduction in Eurozone

by THEFUTURE.TEAM

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%).

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.

Cyprus Residents’ Overseas Travel Spending Rises 22% To €2.5 Billion In 2025

by THEFUTURE.TEAM

Residents of Cyprus travelled more frequently and spent more on trips in 2025, with overseas travel expenditure reaching €2.53 billion, up 22.2% year on year. Domestic travel spending also increased significantly, rising by 28.6% to €385.9 million.

The figures point to stronger travel activity both within Cyprus and abroad, although the number of residents travelling exclusively within the country declined.

More Residents Travelled Abroad

The number of residents who travelled only abroad rose by 19.8%, from 169,525 in 2024 to 203,102 in 2025. A further 215,528 residents travelled both within Cyprus and overseas, an increase of 2.9%.

Trips abroad totalled 1,957,292, up 12% from 1,747,492 in 2024. Personal travel, including holidays and visits to family and friends, accounted for 83.3% of overseas trips, while business travel represented 16.7%.

Rented accommodation, including hotels, guesthouses and campsites, was used on 75.9% of trips abroad. The remaining 24.1% involved non-rented accommodation.

Domestic Trips Increase By Nearly 15%

The total number of trips within Cyprus increased by 14.7%, from 1,619,371 in 2024 to 1,858,029 in 2025.

Personal reasons accounted for 96.1% of domestic trips, including holidays, visits to relatives and friends, health-related travel and pilgrimages.

Rented accommodation was used on 57.5% of domestic trips, while the remaining 42.5% involved non-rented options such as second homes or stays with family and friends.

Travel Spending Rises At Home And Abroad

Domestic travel expenditure reached €385.9 million in 2025, an annual increase of 28.6%. Accommodation accounted for 36.8% of spending, closely followed by food and drinks at restaurants and cafés, at 36.5%. Transport represented 8.6%, while other expenses made up 18.1%.

Spending on overseas trips climbed 22.2% to €2.531 billion. Transport was the largest expense category, accounting for 35.2% of the total. Accommodation represented 23.3%, food and drinks at restaurants and cafés 23.1%, and other expenses 18.4%.

Overall, the figures show that Cyprus residents increased both their travel activity and expenditure in 2025, with overseas trips continuing to account for the largest share of travel spending.

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