CYPRUS: Marginal decline in household debt in March to EUR 20.4 bln

Household debt dropped slightly to €20.4 bln in March from €20.5 bln in December 2018, accounting for 97% of Cyprus’ GDP, according to the Central Bank of Cyprus.

Compared with December 2016 when such debt accounted for 119% of GDP there was a significant decrease of 22%.

Data showed that the financial assets of households in financial instruments stood at €46.2 bln in March, 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 bln, while their debt stood at €40.7 bln, accounting 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 GDP.

Insurance corporations had financial assets of €3.8 bln, whereas investment funds and pension funds had financial assets of €4.9 bln and €3.4 bln respectively.