InsiderBusinessHouseholds and businesses debt records small drop on quarterly basis in June

Households and businesses debt records small drop on quarterly basis in June

The debt owed by households and businesses recorded a small drop on a quarter-to quarter basis in the second quarter of this year, data released by the Central Bank of Cyprus show.

According to a summary of the data published by the Central Bank the financial assets of households were at the end of June 2018 €45.5 billion, 64% of which was cash and deposits, 2% securities, 20% shares and 14% other financial assets.

Household debt stood at the end of last June at €20.2 billion, or 100.2% of GDP, recording a small drop in relation to the previous quarter, the Central Bank said.

The drop is more significant —  close to 19% —  when compared to December 2016 when the debt of households was equivalent to 119% of GDP.

At the same time, non financial companies’ assets reached €58.8 billion, 16% of which accounts for cash and deposits, 7% loans, 1% securities, 49% shares and 27% of which concerns other financial assets.

The debt of non financial companies stood at the end of June 2018 at €39.5 billion or 196.4% of GDP, also recording a small drop in relation to the previous quarter.

Compared to December 2016, when the debt was at 219% of GDP, the drop is greater and reaches 23%, the Central Bank said.

According to the data insurance companies financial assets were recorded at the end of June at €3.9 billion, 12% of which in cash and deposits, 2% in loans, 25% in securities, 41% in shares and 20% in other financial assets.

Investment companies’ assets were at the end of June €4.0 billion, 3% was invested in cash and deposits, 8%  in loans and securities, 85% in shares and 4% in other financial assets.

Retirement funds investments were €3.6 billion of which 38% was invested in cash and deposits, 16% in loans, 2% in securities, 35%  in shares and 9% in other financial assets.

(Cyprus News Agency)

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