Private debt reaches €56.2 bln

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Debt held by households and non-financial corporations in the first quarter of 2022 amounted to €56.2 bln, according to the Central Bank of Cyprus.

Household debt in Q1 was €20.2 billion, corresponding to 84% of Cyprus’ GDP, marking a slight reduction from the previous quarter mainly due to GDP growth.

Compared with December 2016, household debt to GDP marked a reduction of 32%.

The debt held by non-financial corporations amounted to €36 billion, with the debt-to-GDP ratio at 150%, registering a small reduction from the previous quarter.

The CBC noted that compared with December 2016 corporate debt to GDP ratio marked a sizeable reduction of 62%.

Households’ financial assets up to March were €58.8 billion, of which 61% was in currency deposits and loans, 2% in bonds, 20% in shares and 17% in other financial assets.

Financial assets held by non-financial corporations amounted to €66.6 billion — 49% in shares, 29% in other financial assets, 17% in currency and deposits, 4% in loans and 1% in bonds.

Furthermore, financial assets held by insurance corporations amounted to €4.2 billion in Q1 2022, while the financial assets of investment funds and pension funds were €8.6 billion and €3.9 billion, respectively.