Economy category powered by

Household and non-financial corporations debt shows significant decrease

The debt index of non-financial corporations and households in Cyprus showed a significant decrease end of June 2024 compared to December 2016, according to data included in the publication of the Central Bank of Cyprus' Quarterly Financial Accounts.

The publication provides aggregated data on the financial assets and liabilities by economic sector for the reference quarter ending June 2024. 

The debt index of households compared to December 2016 dropped by 57%, while the debt index of non-financial corporations fell by 81%.

Assets of insurance corporations in terms of purely financial instruments amounted to €5.5 billion, ie 7% in currency and deposits, 2% in loans, 29% in securities, 43% in shares and 18% in other financial instruments.

Assets of investment funds in financial instruments were 6.3 billion euro invested 5% in currency and deposits, 15% in loans and securities, 78% in shares and 2% in other financial assets.

Investments in financial instruments of the pension funds amounted to 4.3 billion euro and are mainly currency and deposits (15%), loans also 15%, 7% in securities, 55% in shares and 8% in other financial instruments.

Household assets in financial instruments amounted to 59.5 billion euro at the end of June 2024, of which 55% in currency, deposits and loans, 4% in securities, 24% in shares and 17% in other financial assets.

Their debt at the end of June 2024 amounted to 19.8 billion euro corresponding to 61% of GDP, showing a marginal decrease compared to the previous quarter, partly due to the increase of the GDP. Compared to December 2016, the household debt index shows a noticeable decrease, reaching 57%.

The assets of non-financial corporations amounted to 74.6 billion euro with 18% in currency and deposits, 7% in loans, 0.6% in securities, 43% in shares and 32% in other financial assets.

The debt of this sector at the end of June 2024 amounted to 40.5 billion euro corresponding to 125% of GDP, marking a decrease compared to the previous quarter, partly due to the increase of GDP. Compared to December 2016, the debt index of non-financial corporations shows a significant decrease, reaching 81%.

(Source: CNA)

Read More

Cyprus lags behind on adult learning, re-skilling labour force, EU's ESDE report says
Panayiotou in Brussels for EU Council, to meet Commissioners Kadis and Hansen
President unveils €105m projects for Kato Pyrgos, Polis and Latchi
Finance Minister in Brussels for Eurogroup and Ecofin meetings
Beer deliveries down 33% in November year-on-year
Finance Minister highlights importance of tax reform in efforts to strengthen the economy
President and Finance Minister hail Fitch upgrade, pledge to continue sound policies
Transport Minister says 2024 already a record year in passenger traffic
New study places Cyprus in second place among region's top three innovation economies
Ronald Attard: Cyprus remains an attractive destination for foreign direct investments