Cyprus
Government finance and cost-of-living data from Eurostat — spending, debt, tax, and comparative prices.
Headline stats
Debt peaked at 113.6% GDP in 2020 — now 55%.
Government debt
55% GDP
2025
EU27 avg: 81.7% GDP (2025)
Govt expenditure
38.3% GDP
2024
Budget surplus
3.4% GDP
2025
EU27 avg: 3.1% GDP (2025)
Tax revenue
13.5% GDP
2024
Public sector jobs
100k
2024
Tax rates
What Cyprus takes — statutory rates and effective burden on workers.
Labour tax wedge
18.3% of labour cost
2025
Top income tax rate
35%
2024
Corporate tax rate
12.5%
2024
Standard VAT rate
19%
2024
Labour tax wedge: effective % of gross labour cost (salary + employer contributions) going to income tax and social contributions for a single person at average wage. Source: Eurostat earn_nt_taxrate. Statutory rates: OECD Taxing Wages 2024 / EC Taxation Trends 2024.
Comparative prices
Cyprus is 8.7% cheaper than the EU average overall (2024). Index: EU27 = 100.
| Category | Price index | vs EU avg |
|---|---|---|
| Overall price level | 91.3 | -8.7% |
| Food & non-alcoholic drinks | 104.7 | +4.7% |
| Housing, utilities & energy | 92.1 | -7.9% |
| Restaurants & hotels | 89.0 | -11.0% |
| Transport | 87.7 | -12.3% |
| Health | 99.5 | -0.5% |
| Education | 138.6 | +38.6% |
| Clothing & footwear | 97.6 | -2.4% |
| Recreation & culture | 88.4 | -11.6% |
| Alcohol & tobacco | 90.6 | -9.4% |
| Household furnishings | 86.7 | -13.3% |
| Communication | 101.0 | +1.0% |
| Miscellaneous | 89.2 | -10.8% |
Source: Eurostat prc_ppp_ind. EU27_2020 = 100. Green = cheaper than EU average.
Government debt since 2011
| Year | Debt (% GDP) | Change |
|---|---|---|
| 2011 | 69.9 | — |
| 2012 | 84.4 | +14.5 |
| 2013 | 108.3 | +23.9 |
| 2014 | 113.5 | +5.2 |
| 2015 | 111.6 | -1.9 |
| 2016 | 106.9 | -4.7 |
| 2017 | 96.5 | -10.4 |
| 2018 | 100.7 | +4.2 |
| 2019 | 92.3 | -8.4 |
| 2020 | 113.6 | +21.3 |
| 2021 | 96.5 | -17.1 |
| 2022 | 80.1 | -16.4 |
| 2023 | 71.1 | -9 |
| 2024 | 62.7 | -8.4 |
| 2025 | 55 | -7.7 |
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Data sources
| Dataset | Source | Coverage |
|---|---|---|
| Govt expenditure / debt / deficit | Eurostat gov_10dd_edpt1 | 1995–2025 |
| Tax revenue | Eurostat gov_10a_taxag | 1995–2025 |
| Public employment (NACE O-Q) | Eurostat nama_10_a64_e | 1995–2024 |
| Tax breakdown (VAT, income, social) | Eurostat gov_10a_taxag | 2000–2023 |
| Labour tax wedge | Eurostat earn_nt_taxrate | 2000–2023 |
| Statutory tax rates (income, corporate, VAT) | OECD / EC Taxation Trends 2024 | 2024 |
| Comparative price levels (13 categories) | Eurostat prc_ppp_ind | 1995–2024 |