Insider Economy Small drop in household debt in March

Small drop in household debt in March

The debt of households dropped slightly to €20.4 billion in March 2019 from€ 20.5 billion in December 2018 and accounted for 97% of Cyprus’ GDP, according to Quarterly Financial Accounts published by the Central Bank of Cyprus on Wednesday, for the first quarter of 2019.

Compared with December 2016 when the debt accounted for 119% of GDP there was a significant decrease of 22%.

The figures showed that the financial assets of households in financial instruments stood at €46.2 billion in March 2019, of which 61% were in cash, deposits and loans, 2% in debt securities, 21% in shares and 16% in other financial instruments.

The financial assets of non – financial corporations rose to €60.5 billion while their debt stood at €40.7 billion and accounted for 194% of GDP, remaining unchanged from the previous quarter. However, it saw a 25% decrease compared with December 2016 when it accounted for 219% of the GDP.

Insurance corporations had financial assets of €3.8 billion, whereas investment funds and pension funds had financial assets of €4.9 billion and €3.4 billion respectively.

(Cyprus News Agency)

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