World Economy

Cyprus GDP Upgraded

Cyprus GDP UpgradedCyprus GDP Upgraded

A European Union accounting change has improved Cyprus’s public-finance outlook more than any other euro-zone nation, raising the prospects it will exit a bailout program ahead of schedule and sell bonds this year. The Chart of the Day shows the Mediterranean island nation’s debt burden dropped almost 10 percentage points to 102 percent of gross domestic product after the EU announced changes on measuring national economic output and public debt on Oct. 21, Bloomberg reported. The amendments conducted by President Nicos Anastasiades, which include changes to how financial services are recorded, added more than 1.5 billion euros ($1.9 billion) to the nation’s GDP.