Cyprus household financial assets reach €59.7 billion in 2022

Household assets in financial instruments amounted to €59.7 billion at the end of December 2022, according to an announcement by the Central Bank of Cyprus (CBC) released on Tuesday.

According to the announcement, 62 per cent of the total amount was in cash, deposits, and loans, 2 per cent in securities, 19 per cent in shares, and 17 per cent in other financial assets.

Moreover, household debt reached €20 billion at the end of December 2022, with the debt ratio standing at 74 per cent of the Gross Domestic Product (GDP), marking a slight decrease compared to the previous quarter, primarily due to the increase in GDP.

In addition, when compared to December 2016, the household debt ratio showed a noticeable decrease, dropping to 42 per cent.

The corresponding assets of non-financial companies amounted to €68.3 billion, with 18 per cent in cash and deposits, 4 per cent in loans, 0.3 per cent in securities, 49 per cent in shares, and 29 per cent in other financial items.

The sector’s debt at the end of December 2022 stood at €38.6 billion, with the debt ratio at 143 per cent of GDP, down 7 per cent from the previous quarter, partly due to GDP growth.

Compared to December 2016, the debt index of non-financial companies showed a noticeable decrease, reaching 68 per cent.

Elsewhere, the report showed that insurance companies had assets in purely financial instruments amounting to €4.5 billion, with 9 per cent in cash and deposits, 3 per cent in loans, 25 per cent in securities, 45 per cent in shares, and 17 per cent in other financial items.

Furthermore, investment institutions had assets in financial instruments of €7.1 billion, 5 per cent was invested in cash and deposits, 9 per cent in loans and securities, 83 per cent in shares, and 2 per cent in other financial assets.

Lastly, investments in financial instruments of pension funds amounted to €4 billion and mainly concerned cash and deposits at a rate of 23 per cent, 15 per cent in loans, 4 per cent in securities, 46 per cent in shares, and 13 per cent in other financial assets.