Household debt in Cyprus was 81% of GDP in June, KNEWS

Household debt stood at €20.1 billion at the end of June 2022, with the relevant debt ratio standing at 81% of GDP, down slightly from the previous quarter due to GDP growth . Compared to December 2016, the household debt ratio has fallen sharply to 35%.

According to the publication of the Central Bank of Cyprus (CBC) “Quarterly Financial Accounts” for the reference quarter ending June 2022, household financial assets amounted to 58.5 billion euros at the end of June 2022, of which 62 % were cash, deposits and loans, with 2% being debt securities, 19% being stocks and 17% being other financial assets.

The corresponding assets of non-financial corporations amounted to €66 billion, of which 17% in cash and deposits, 4% in loans, 1% in debt securities, 47% in shares and 31% in other financial assets.

The sector’s debt at the end of June 2022 was €40.1 billion, with a debt ratio of 161% of GDP, a slight decrease compared to the previous quarter due to GDP growth. Compared to December 2016, the debt ratio of non-financial companies fell by 51%.

Insurance companies, investment companies and pension funds

Insurance companies’ assets in purely financial instruments amount to EUR 4.1 billion and break down as follows: 12% in cash and deposits, 3% in loans, 24% in debt securities, 48% in shares and 13% in other financial assets. assets.

Investment funds, for their part, hold 8.1 billion euros of assets in invested financial instruments, of which 5% in cash and deposits, 13% in loans and securities, 80% in equities and 2% in other Financial assets.

Investments by pension funds in financial instruments totaled €3.9 billion, with cash and deposits representing 25%, loans representing 16%, debt securities representing 2%, equities representing 44% and other financial assets representing 13%.

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John A. Bogar