Insider Economy Surplus decreases in 2018Q3 due to trade balance

Surplus decreases in 2018Q3 due to trade balance

Cyprus’ current account balance deteriorated in the third quarter of 2018 (2018Q3), recording a surplus of €52 million, compared with a surplus of €261.5 million in 2017Q3.

According to an announcement by the Central Bank of Cyprus (CBC), this development was mainly attributed to the trade balance of goods, with exports of goods, mostly ships, recording a decrease compared with 2017Q3 while imports of goods increased. Services also decreased, albeit to a lesser extent, while primary and secondary income recorded small increases.

Cyprus’ international investment position recorded a small improvement in 2018Q3, showing a net liability position at €22,382.5 million, compared with €22,582.7 million in the previous quarter. The decrease in Cyprus’ net liabilities was due to the improvement in direct investment and other investment. This was mitigated by the worsening recorded in portfolio investment and derivatives.

Gross external debt reached €103,957.2 million in 2018Q3, compared with €101,246.8 million in 2018Q2. All main categories of external debt increased with those of general government, other sectors and monetary financial institutions (excluding the CBC) recording the higher increases.

(Cyprus News Agency)

Top Stories

26 UNPOL officers awarded medals for peace service

  A total of 26 UNPOL officers from 12 contingents were awarded medals for their peace service at a Medal Presentation ceremony for United Nations...

Anastasiades: Egypt one of our closest friends and a strategic partner

  “Egypt is one of our closest friends and a strategic partner” President Nicos Anastasiades, wrote on Twitter on Friday after speakingon the phone with...

GHS Phase Two goes ahead on Monday but some services pushed back to September

The Health Insurance Organisation (HIO) said on Friday that the implementation of Phase Two of GHS will go ahead as planned with the introduction...

Cyprus-Greece electricity interconnection through Crete ready by December 2023

  EuroAsia Interconnector, the official Project Developer of the European Project of Common Interest (PCI 3.10 Israel Cyprus Greece-Crete) warmly thanks the governments of Cyprus...

Famagusta area traffic police confiscate 24 motorbikes

  Police have announced that traffic police in the Famagusta area have in the past two weeks carried out coordinated campaigns during which 24 motorbikes...

Taste

Local cuisine: An introduction

Rich in fresh ingredients and tasty herbs, offers the very best of Mediterranean culinary delights. Head out to a tavern and feast on a...

Spiced lamb with beetroot salad and scented yoghurt

Lay the lamb on a tray, skin side down. Rub with crushed garlic, sprinkle with spices and ground pistachios, wrap in plastic wrap and...

Easy seafood pasta with white wine sauce

Ingredients: 2-3 tbsp olive oil 1 garlic clove, chopped 2-3 tablespoons of whipped cream 1/3 cup white wine 300g spaghetti, roughly broken 300-400g of...

Traditional salads that will blow your mind away

This traditional salads will make you actually love salads! Cyprus may be famous for souvla and kleftiko but if you try the traditional salads with...