The debt of households dropped slightly to 20.4 billion euro in March 2019 from 20.5 billion euro in December 2018 and accounted for 97% of Cyprus’ GDP, according to Quarterly Financial Accounts published by the Central Bank of Cyprus on Wednesday, for the first quarter of 2019.
Compared with December 2016 when the debt accounted for 119% of GDP there was a significant decrease of 22%.
The figures showed that the financial assets of households in financial instruments stood at 46.2 billion euro in March 2019, 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 60.5 billion euro, while their debt stood at 40.7 billion euro and accounted 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 the GDP.
Insurance corporations had financial assets of 3.8 billion euro, whereas investment funds and pension funds had financial assets of 4.9 billion euro and 3.4 billion euro respectively.