Cyprus Mail

Private debt drops to 273% of GDP in Q3

The private debt level remains high in Cyprus even after dropping in the third quarter of 2016, to 272.6 per cent of economic output, from 275.4 per cent the previous quarter, the Central Bank of Cyprus said.

Overall debt for households and non-financial corporations dropped to 124.4 per cent and 148.2 per cent respectively at the end of September last year, from 130.3 per cent and 151.5 per cent in July, the Central Bank said in a statement on its website.

Still, the net financial position of households, which is the difference in the value of total financial assets and debt, rose in the third quarter to 114.5 per cent of gross domestic product, from 112.9 per cent in July.

The net financial position of non-financial corporations remained in negative territory in the third quarter of last year, rising from 215.4 per cent to 203.2 per cent, the central bank said.

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