Cyprus' 2022 household assets reach €59.7B, debt at €20B

In December 2022, the total value of financial assets held by households was €59.7 billion. Out of this amount, 62% was invested in currency, deposits, and loans, 2% was allocated to debt securities, 19% was invested in stocks, and the remaining 17% was invested in other types of financial instruments.

According to the quarterly financial accounts for the fourth quarter of 2022 published by the Central Bank of Cyprus, on Tuesday, household debt at the end of 2022 amounted to €20 billion, corresponding to 74% of Cyprus’ GDP, marking a small reduction compared with the previous quarter, mainly due to the rise in GDP.

Compared with December 2016, the household debt ratio marks a sizeable reduction reaching 42%, the CBC said.

Non-Financial corporations’ assets at the end of 2022 reached €68.3 billion, of which 18% in currency and deposits, 4% in loans 03% in bonds, 49% in shares and 29% in other financial instruments.

The sector’s debt at the end of December 2022 amounted to €38.6 billion or 143% of GDP, marking a reduction of 7% compared with the previous quarter, driven by the rise in GDP.

In comparison with December 2016, the corporate debt to GDP ratio declined by 68%.

According to the CBC, Insurance companies’ assets amounted to €4.5 billion, of which 9% in currency and deposits, 3% in loans 25% in debt securities, 45% in shares and 17% in other financial instruments.

Investment Funds assets in financial instruments amounted to €7.1 billion of which 5% were in currency and deposits, 9% in loans and debt securities, 83% in shares and 2% in other financial instruments.

Assets held by pension funds amounted to €4 billion at the end of December 2022, mainly in currency and deposits with a share of 23%, 15% in loans, 4% in debt securities, 46% in shares and 13% in other financial instruments, the CBC added.