At the end of December 2023, household debt in Cyprus reached 66% of Gross Domestic Product (GDP), while corporate debt amounted to 133% of GDP, according to data from the Central Bank of Cyprus.
In the context of the publication of “Quarterly Financial Accounts” for the reporting quarter ending in December 2023, household financial assets amounted to €55.8 billion at the end of December 2023, of which 57% consisted of cash, deposits, and loans, 2% consisted of securities, 23% consisted of stocks, and 17% consisted of other financial assets.
Household debt reached €19.7 billion at the end of December 2023, with the debt-to-GDP ratio standing at 66%, showing marginal decrease compared to the previous quarter, mainly due to the increase in GDP. Compared to December 2016, the household debt-to-GDP ratio shows a significant decrease approaching 50%.
Corporate debt at the end of December 2023 amounted to €39.4 billion, with the debt-to-GDP ratio at 133%. Compared to December 2016, the corporate debt-to-GDP ratio shows a significant decrease approaching 78%.
