Business and household debt in Cyprus reached €56.2 billion in the first quarter of 2022, according to data from the Central Bank of Cyprus.
Based on the Quarterly Financial Accounts for the first quarter of 2022, household debt stood at €20.2 billion at the end of March 2022 with the relative debt ratio standing at 84% of Gross Domestic Product (GDP), showing a slight decrease in comparison to the previous quarter due to the increase in GDP.
Compared to December 2016, the household debt index shows a noticeable decrease, reaching 32%, reports the CBC.
The debt of non-financial companies at the end of March 2022 amounted to €36.0 billion with the debt ratio at 150% of GDP, marking a slight decrease compared to the previous quarter mainly due to the increase in GDP.
Compared to December 2016, the debt ratio of non-financial companies shows a large decrease, reaching 62%.
Besides, household assets in financial instruments amounted to €58.8 billion at the end of March 2022, of which 61% are cash, deposits and loans, 2% are securities, 20% are shares and 17% are other financial assets.
The corresponding assets of financial companies amounted to €66.6 billion with a ratio of 17% in cash and deposits, 4% in loans, 1% in securities, 49% in shares and 29% in other financial assets.
According to the CBC, the assets of insurance companies, in terms of purely financial instruments, amounted to €4.2 billion and are distributed as follows: 12% in cash and deposits, 3% in loans, 24% in securities, 48% in shares and 13% in other financial assets.
Accordingly, investment organizations have assets in financial instruments of €8.1 billion, invested 6% in cash and deposits, 10% in loans and securities, 81% in shares and 3% in other financial assets.
Investments in financial instruments of the pension funds amounted to €3.9 billion and concern mainly cash and deposits at a rate of 26%, 16% in loans, 3% in securities, 44% in shares and 12% in other financial items, the CBC says.