Corporate and household debt at 165% and 92% of GDP in Q1 2020

Debt of corporations in Cyprus amounted to 165% of the island GDP in the end of the first quarter while household debt amounted to 92% of GDP, the Central Bank of Cyprus has said.

According to quarterly financial accounts for Q1 2020 released by the CBC, household financial assets amounted to €48.3 billion, of which 61% in cash deposits and loans, 2% in bonds, 21% in shares and 15% in other financial assets.

Household debt in Q1 2020 amounted to €20.2 billion or 92% of GDP remaining broadly unchanged comped with the previous quarter. Compared with December 2016 household debt marked are significant reduction of 25% reflecting the continued deleverage since the 2013 financial crisis.
 
Corporate assets in Q1 2020 amounted to €61.9 bl of which 16% was held in cash and deposits, 3% in loans, 1% in bonds, 50% in shares and 30% in other financial assets, the CBC added.
 
The sector’s debt in end-March 2020 amounted to 36.4 billion which correspond to 165% of Cyprus’ GDP, marking a marginal decrease compared with the previous quarter.
 
Compared with December 2016 corporate debt marked a considerable reduction of 48%.