Current account deficit reaches €648,6 million

According to the preliminary balance of payments data for 2021 Q2, the current account balance of Cyprus recorded a deterioration, with the deficit increasing from €139,0 million in 2020 Q2, to €648,6 million, in 2021 Q2.

The resulting deficit when adjusting the data for the impact of Special Purpose Entities (SPEs), that is, classifying SPEs as non-residents, stood at €645,5 million in 2021 Q2, compared with a deficit of €409,6 million in 2020 Q2.

The international investment position (IIP) recorded a slight deterioration at the end of 2021 Q2, presenting a net liability position of €29.809,9 million, compared with a net liability position of €29.240,0 million in 2021 Q1.

With the corresponding data being adjusted for the impact of SPEs, IIP recorded a net liability position of €10.664,1 million at the end of 2021 Q2, compared with a net liability position of €10.304,7 million, at the end of the previous quarter.

The gross external debt increased to €193.271,5 million in 2021 Q2 from €192.487,7 million in 2021 Q1. A similar trend was also recorded by external assets in debt instruments, which increased to €127.925,5 million, up from €127.657,0 million in 2021 Q1. Consequently, net external debt increased by €515,3 million to €65.346,0 million, over 2021 Q2.

Adjusted for the impact of SPEs, gross external debt reached €62.630,2 million at the end of 2021 Q2, compared to €61.866,9 million, at the end of 2021 Q1. The corresponding net external debt indicator increased to -€1.786,2 million, compared with -€2.146,7 million at the end of the previous quarter.