02.08.2022
The debt of households and non-financial corporations at the end of the first quarter of 2022 amounted to 56.2 billion euros, according to the quarterly financial statements for the period ending March 2022, published by the Central Bank of Cyprus (CBC).
Household debt in the first quarter of 2022 was €20.2 billion , corresponding to 84% of Cyprus’ GDP, according to the CBC, indicating a slight decrease from the previous quarter, mainly due to GDP growth.
Compared to December 2016, the ratio of households to GDP has decreased by 32%, CBC added.
Non-financial corporate debt at the end of the first quarter of 2022 was €36 billion, with a debt-to-GDP ratio of 150%, indicating a slight decrease from the previous quarter due to GDP growth.
The CBC notes that compared to December 2016, the ratio of corporate debt to GDP has significantly decreased and amounted to 62%.
Household financial assets at the end of March 2022 amounted to 58.8 billion euros, of which 61% are foreign currency deposits and loans, 2% are bonds, 20% are stocks and 17% are other financial assets, CBC added.
Financial assets of non-financial corporations amounted to 66.6 billion euros, of which 49% were stocks, 29% other financial assets, 17% currency and deposits, 4% loans and 1% bonds.
In addition, financial assets of insurance corporations were 4.2 billion euros in the first quarter of 2022, while financial assets of investment funds and pension funds were 8.6 billion euros and 3.9 billion euros, respectively, according to the CBC.
