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Private debt rose to €56.5 billion in the first quarter of 2021

02/08/2021 14:44

Private debt in Cyprus amounted to €56.5 billion in the end of March of 2021, with household debt reaching €19.6 billion and corporate debt at €36.9 billion according to the Central Bank of Cyprus (CBC).

According to the quarterly financial accounts released by the CBC for the first quarter of 2021, non-financial corporations debt amounted to €36.9 billion which corresponds to 178% of Cyprus’ GDP, marking a slight increase compared with the previous quarter. The CBC said that corporate debt has been in steadily declining trend since December 2016 and has registered a reduction of 34%.

Corporate assets in the end of March amounted to €63.7 billion of which 16% in cash and deposits, 5% in loans, 1% in bonds, 49% in stocks and 29% in other financial assets.

Household debt amounted to €19.6 billion or 95% of Cyprus’ GDP. Household assets in the end of March amounted to €54.8 billion, of which 61% in cash, deposits and loans, 2% in bonds, 20% in stocks and 17% in other financial assets. Compared with the previous quarter, the household debt to GDP index marked a significant reduction amounting to 22%, the CBC said.