InsiderEconomyHouseholds' debt down to 97% of GDP in September 2018

Households’ debt down to 97% of GDP in September 2018

The households’ debt dropped to £19.8 billion in September 2018 and accounted for 97% of the Cyprus’ GDP, according to the Quarterly Financial Accounts for the third quarter of 2018 published by the Central Bank of Cyprus

The figures showed that the financial assets of households in financial instruments stood at £45.4 billion  in September 2018, of which 62% were in cash and deposits, 2% in debt securities, 20% in shares and 16% in other financial instruments.

The households’ debt fell to £19.8 billion accounting for 97% of Cyprus’ GDP, recording a small decline from £20.1 billion in the previous quarter. Compared with December 2016 when the debt accounted for 119% of the GDP the decrease stands at 22%.

The financial assets of non – financial corporations stood at £59.8 billion, while their debt dropped to £39.5 billion and accounted for 194% of the GDP, recording a marginal drop compared with the second quarter of 2018. However, it saw a 25% decrease compared with December 2016 when it accounted for 219% of the GDP.

Insurance corporations had financial assets of £3.9 billion whereas investment funds and pension funds had financial assets of £4.5 billion and £3.4 billion respectively.

(Cyprus News Agency)

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