Cyprus’ spending on social protection remains below the EU average, despite a year-on-year increase recorded in 2024, according to data released by Eurostat on Friday.
Across the European Union, social protection expenditure accounted for 27.3% of GDP in 2024 - an increase of 0.6 percentage points compared with the previous year.
In Cyprus, social protection spending reached 19.13% of GDP, up from 18.79% in 2023, marking a modest but steady rise.
Among EU member states, the highest levels of social protection expenditure as a share of GDP were recorded in Finland (32.5%), France (31.9%), and Austria (31.8%). In contrast, the lowest levels were observed in Ireland (12.4%), Malta (13.4%), and Hungary (16.6%).
Overall, total EU spending on social protection benefits reached an estimated €4.925 trillion in 2024, representing a 6.9% increase compared with 2023.
Largest share allocated to old-age benefits
Among the various categories of social protection, old-age benefits accounted for the largest share - €2.044 trillion, or 41.5% of the total. These were followed by sickness and healthcare benefits, which reached €1.463 trillion (or 29.7%).
Other spending categories included disability, survivors’ benefits, family and children, unemployment, housing, and social exclusion not elsewhere classified.
In 2024, social protection expenditure increased across all EU countries. The largest year-on-year increases were recorded in Estonia (+19.5%), Croatia (+17.8%), and Romania (+17.5%). The smallest increases were noted in Greece (+3.2%), Sweden (+3.9%), and both Italy and Denmark (+4.3%).