According to European Commission’s statistical office, Cyprus is one of the seven countries in European Union that achieved high productivity of fiscal surplus. However, Cyprus is the fifth country with the highest government debt as a percentage of economic output.
Countries which achieved a fiscal surplus of gross domestic product (GDP) are Luxemburg (1.6 per cent), Malta (1.1 per cent), Sweden (1.1 per cent), Germany (0.8 per cent), Czech Republic (0.7) and Greece (0.5). In contrast, Spain, France and Romania were among the countries that generated the highest fiscal deficits, where Latvia and Bulgaria generated a balance budget.
Lastly, if someone compares the combined fiscal deficit of last year (1.5 per cent) with the deficit of 2015 (2.1 per cent), he will draw the conclusion that the combined fiscal deficit in the euro area has been decreased last year.