Eurostat outlines Cyprus position as EU Council presidency commences

Cyprus assumes the reins of the EU Council presidency with strong public finances and high investment levels, according to figures released by Eurostat on Friday.

The data show Cyprus running a budget surplus of 4.1 per cent of GDP, compared with an EU average deficit of 3.1 per cent, while public debt stands at 62.8 per cent of GDP, well below the bloc’s average of 80.7 per cent.

Investment accounts for 25.2 per cent of GDP, significantly higher than the EU average, with household investment the highest in the union.

GDP per capita stands at €35,730, below the EU average of €39,940, highlighting the gap in income levels despite strong fiscal performance.

Manufacturing remains limited, contributing just 4.5 per cent of GDP, compared with 14.3 per cent across the EU, leaving the economy heavily dependent on tertiary services.

Labour market conditions are relatively favourable, as unemployment stands at 4.9 per cent, below the EU average, while youth unemployment is also lower.

The proportion of people at risk of poverty or social exclusion is 17.1 per cent, compared with 21 per cent in the EU.

Cyprus has a younger population profile than most member states, with fewer people aged over 65 and a fertility rate slightly above the European average.

Education remains a clear strength, with Cyprus ranking third in the EU for tertiary education attainment, although early school leaving remains higher than the EU average.

Structural weaknesses do however persist in innovation and energy.

Spending on research and development remains low at 0.68 per cent of GDP, while energy dependence stands at 92.2 per cent, among the highest in the EU.

Although carbon emissions have fallen sharply since 1990, the share of renewable energy remains well below the European average.