Cyprus' International Investment Position marginally improved in Q3, 2024

07:52 - 08 January 2025

Economy Reporter

Cyprus' international investment position (IIP) recorded a marginal improvement in Q3 2024, presenting a net liability position of €27,789.1 million, compared with a net liability position of €27,875.8 million in Q2 2024.

This was according to the Statistics Department of the Central Bank of Cyprus that released the provisional data for external statistics for the third quarter of 2024.

With the corresponding data being adjusted for the impact of Special Purpose Entities (SPEs), that is, classifying SPEs as non-residents, IIP recorded a net liability position of €9,945.9 million in Q3 2024, compared with a net liability position of €10,010.2 million, in Q2 2024.

According to the preliminary balance of payments data for Q3 2024, the current account balance of Cyprus recorded an improvement, with the deficit decreasing from €369.4 million in Q3 2023, to €29.6 million, in Q3 2024.

The resulting deficit adjusted for the impact of SPEs, stood at €108.2 million in Q3 2024, compared with a deficit of €351.6 million in Q3 2023.

The gross external debt decreased to €261,534 million in Q3 2024 from €262,098.6 million in Q2 2024. The external assets in debt instruments decreased to €243,834 million, up from €249,665.7 million in Q2 2024. Consequently, the net external debt increased by €5,267.1 million to €17,700 million in Q3 2024.

Adjusted for the impact of SPEs, gross external debt reached €59,257 million in Q3 2024, compared to €61,077.4 million, in Q2 2024. The corresponding net external debt indicator decreased to -€20,789.7 million in Q3 2024, compared with -€19,239.7 million in Q2 2024.

(Source: CNA)

Cyprus' International Investment Position marginally improved in Q3, 2024

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