Eurostat: 93% of general government gross debt in Cyprus held by non-residents

08:42 - 20 June 2023

Economy Reporter

The largest proportion of general government gross debt held by non-residents (rest of the world sector) was recorded in Cyprus (93%) at the end of 2022, compared to EU countries for which data are available, according to data released by Eurostat, the statistical service of the EU.

After Cyprus, the largest proportion of debt held by non-residents at the end of 2022 was recorded in Estonia (74%), Latvia (64%), Austria and Lithuania (both 61%).

In contrast, the share of general government debt held by the (resident) financial corporations sector at the end of 2022 was highest in Denmark (75%), followed by Sweden (74%), Croatia (67%), Italy (64%), Czechia (63%) and Malta (60%).

Generally, in most member states of the EU, less than 10% of debt was held by the resident non-financial sectors (non-financial corporations, households and non-profit institutions serving households).

The exceptions were Hungary and Germany (both 22%), Malta (18%), Portugal (14%) and Ireland and Sweden (both 11%).

Also, all or almost all (more than 99%) of central government debt in eurozone countries was denominated in domestic currency. This was also true in most member states (including Cyprus).

In the case of three EU countries, more than 50% of their central government gross debt was denominated in foreign currency at the end of 2022: Croatia (75%), Bulgaria (71%), and Romania (53%).

The major share of their foreign currency debt at the end of 2022 was denominated in euro.

Bulgaria and Romania are not part of the euro area and Croatia acceded to the euro area on 1 January 2023.

(Source: CNA)

Eurostat: 93% of general government gross debt in Cyprus held by non-residents

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