CYPRUS: Marginal decline in household debt in March to EUR 20.4 bln

Household debt dropped slightly to Euros 20.4 bln in March from Euros 20.5 bln in December 2018, accounting for 97% of Cyprus’ GDP, according to the Central Bank of Cyprus.

Compared with December 2016 when such debt accounted for 119% of GDP there was a significant decrease of 22%.

Data showed that the financial assets of households in financial instruments stood at Euros 46.2 bln in March, of which 61% were in cash, deposits and loans, 2% in debt securities, 21% in shares and 16% in other financial instruments.

The financial assets of non-financial corporations rose to Euros 60.5 bln, while their debt stood at Euros 40.7 bln, accounting for 194% of GDP, remaining unchanged from the previous quarter.

However, it saw a 25% decrease compared with December 2016 when it accounted for 219% of GDP.

Insurance corporations had financial assets of Euros 3.8 bln, whereas investment funds and pension funds had financial assets of Euros 4.9 bln and Euros 3.4 bln respectively.

Source: The Financial Mirror