Cyprus has recorded the third largest reduction in public debt in the European Union, with levels well below both the EU and Eurozone averages, President Nikos Christodoulides said in a post on X on Tuesday.

He said that, given debt is already at low levels, it is particularly significant that the downward trend continues, with an annual reduction of 6.1 percentage points.

“This is a clear indication of resilience and responsible economic planning. The course of the Cypriot economy confirms in practice that prudent and responsible fiscal policy brings measurable results,” he added.

The president highlighted that the target of keeping public debt below 60 per cent of GDP was achieved a year ahead of schedule.

“This translates into shielding the economy, greater international credibility, lower borrowing costs, more fiscal space to support the middle class, investments in health, education, housing and the social state,” he explained, concluding: “Cyprus above everything.”