Cypriot Households Remain Highly Indebted, Data Reveal



Cypriot households and businesses continue to be highly indebted despite the decline in debt levels, according to a report released on Tuesday by the Central Bank of Cyprus.

According to the report, the debt of the non-financial private sector reached 226.6 percent of the island’s GDP at the end of March 2018, down from 240.3 per cent in the previous quarter.

Debt ratios of households and non-financial corporations show a gradual decrease to 104.7 percent and 121.9 percent of GDP respectively at the end of March 2018, compared to 109.4 percent and 130.9 percent of GDP respectively, at the end of December 2017.

The net worth of households declined to 108.7 percent of GDP in the first quarter of 2018 compared to 109.8 percent in the fourth quarter of 2017.

This ratio is still below the euro-zone‘s 148.5 percent that was recorded in March 2018.

With information from C.N.A.