CBC reports improvement in external statistics for 2024

The Central Bank of Cyprus (CBC) has reported an improvement in external statistics (balance of payments, international investment position and external debt) for 2024, according to its provisional data.

According to the CBC, Cyprus' the current account balance of Cyprus recorded an improvement, with the deficit decreasing to €2.835.0 million in 2024, compared with a deficit of €3,556.1 million in 2023, which corresponds to 8.4% and 11.3% of Cyprus’s annual GDP, respectively.

It is added that the resulting deficit adjusted for the impact of Special Purpose Entities (SPEs), that is, classifying SPEs as non-residents, stood at €2,909.2 million in 2024, compared with a deficit of €3,437.0 million in 2023, which corresponds to 8.7% and 11.0% of the country’s annual GDP, respectively.

Furthermore, it is stated that the international investment position (IIP) recorded an improvement in 2024, presenting a net liability position of €29,177.6 million, compared with a net liability position of €30,195.7 million in 2023, while with the corresponding data being adjusted for the impact of SPEs, IIP recorded a net liability position of €11,097.0 million in 2024, compared with a net liability position of €12,282.9 million, in 2023.

CBC also reports that the gross external debt decreased to €246,167.9 million in 2024 from €251,627.2 million in 2023. The external assets in debt instruments decreased to €227,270.3 million, down from €240,921.6 million in 2023, consequently, the net external debt increased by €8,192.0 million to €18,897.6 million in 2024.

It is added that adjusted for the impact of SPEs, gross external debt reached €59,725.7 million in 2024, compared to €59,608.2 million, in 2023, while the corresponding net external debt indicator decreased to -€24,347.9 million in 2024, compared with -€19,013.6 million in 2023.