Cyprus Mail

Private debt at 346% of GDP in 2016

Household debt fell an annual 3.7 per cent in December of 2016 to almost €22bn as that of non-financial corporate rose 0.5 per cent to €40.1bn, the Central Bank of Cyprus said.

Compared to economic output, household debt was in December of last year 122.6 per cent while that of non-financial companies was 223.4 per cent with cumulative private sector debt standing at 346 per cent, the central bank said in a statement on its website on Tuesday.

The value of household financial assets was €45.6bn at the end of December, down 0.4 per cent compared to the respective month of 2015, while that of non-financial companies rose 11 per cent to €57.8bn. Almost two thirds of household assets were deposits and cash, 20 per cent shares, 14 per cent other financial means and 2 per cent in debt securities. In the case of non-financial companies, 52 per cent was placed in shares, 27 per cent in other financial means, 15 per cent in cash and deposits, 6 per cent in loans and 0.3 per cent in debt securities.

Insurance companies had €3.6bn in financial assets in December, investment companies €2.5bn and pension funds €2.6bn, the central bank said.


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