Insider Economy Cyprus’ current account further deteriorates in Q1 2020

Cyprus’ current account further deteriorates in Q1 2020

 

The current account of Cyprus recorded a significant deterioration in the first quarter of 2020, while the international investment position of Cyprus marked a small improvement, according to data released on Tuesday by the Central Bank of Cyprus.

The current account of Cyprus deteriorated significantly in Q1, recording a deficit of €928,1 million, compared with a deficit of €639,4 million in the corresponding quarter of 2019.

Adjusting the data for the impact of Special Purpose Entities (SPEs), that is, classifying SPEs as non-residents, the resulting deficit stands at €769,9 million in  Q1 2020, compared with a deficit of €798,4 million in Q1 2019.

The international investment position (IIP) recorded a slight improvement at the end of Q1 2020, presenting a net liability position of €25.342,1 million, compared with a net liability position of €25.459,5 million in the last quarter (Q4) of 2019.

Adjusting the data for the impact of SPEs, IIP recorded a net liability position of €7.650,3 million at the end of Q1 2020, compared with a net liability position of €8.000,5 million, at the end of Q4 2019.

The gross external debt amounted to €205.690,5 million in Q1 2020, compared with €205.302,8 million in Q4 2019. The same trend was also recorded by external assets in debt instruments which increased to €121.401,1 million, up from €119.652,5 million in Q4 2019. The net external debt decreased by €1.360,9 million to €84.289,5 million, over Q1 2020.

Adjusted for the impact of SPEs, gross external debt reached €57.474,3 million at the end of Q1 2020, compared to €57.759,7 million, at the end of Q4 2019, while the corresponding net external debt indicator significantly declined to -€1.975,6 million, compared with €282,0 million at the end of Q4 2019.

(CNA)

Top Stories

Three covid deaths in Cyprus, new cases drop further to 157 but fewer tests

  Cyprus recorded three covid deaths over the past 24 hours, raising the number to 170,  113 men and 57 women, with an average age...

Thousands protest in Amsterdam against Dutch coronavirus lockdown

  Several thousand today people held an unauthorised protest in Amsterdam against a national lockdown to slow the spread of the coronavirus pandemic, before being...

Search and rescue crews looking for woman off Larnaca

  The Search and Rescue Coordination Centre in Larnaca received a call around four in the afternoon about a 70 year old woman missing off...

Rapid Test locations on Monday Jan 18

Here are the rapid test locations for Monday January 18 Limassol Apostolos Loukas church, Ayios Athanasios (Ayios Athanasios refugee settlement) 8.30-4.30 Ayios Stylianos church, Linopetra 8.30-4.30 Mesa Yeitonia Cultural Centre...

German FM says COVID curbs should be eased for vaccinated people

  People who have been vaccinated against COVID-19 should be allowed to go to restaurants and cinemas earlier than others, a German minister said, contradicting...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...