Households’ debt down to 97% of GDP in September 2018

The households’ debt dropped to 19.8 billion euro in September 2018 and accounted for 97% of the Cyprus’ GDP, according to the Quarterly Financial Accounts published by the Central Bank of Cyprus on Thursday, for the third quarter of 2018.

The figures showed that the financial assets of households in financial instruments stood at 45.4 billion euro in September 2018, of which 62% were in cash and deposits, 2% in debt securities, 20% in shares and 16% in other financial instruments.

The households’ debt fell to 19.8 billion euro accounting for 97% of Cyprus’ GDP, recording a small decline from 20.1 billion euro in the previous quarter. Compared with December 2016 when the debt accounted for 119% of the GDP the decrease stands at 22%.

The financial assets of non – financial corporations stood at 59.8 billion euro, while their debt dropped to 39.5 billion euro and accounted for 194% of the GDP, recording a marginal drop compared with the second quarter of 2018. However, it saw a 25% decrease compared with December 2016 when it accounted for 219% of the GDP.

Insurance corporations had financial assets of 3.9 billion euro, whereas investment funds and pension funds had financial assets of 4.5 billion euro and 3.4 billion euro respectively.

Source: Cyprus News Agency