Economy category powered by

Balance of payments and IIP improved, net external debt down in Q1 2024

07:49 - 04 July 2024

Economy Reporter

Cyprus' balance of payments and international investment position (IIP) improved, while net external debt decreased in the first quarter of 2024 compared to the corresponding quarter of 2023, according to provisional data released by the Central Bank's Statistics Department.

According to the preliminary balance of payments data for Q1 2024, the current account balance of Cyprus recorded an improvement, with the deficit decreasing from €1,881.7 million in Q1 2023, to €890.2 million, in Q1 2024. The resulting deficit adjusted for the impact of Special Purpose Entities (SPEs), that is, classifying SPEs as non-residents, stood at €1,007.1 million in Q1 2024, compared with a deficit of €1,234.5 million in Q1 2023.

Furthermore, the international investment position (IIP) recorded an improvement in Q1 2024, presenting a net liability position of €28,491.4 million, compared with a net liability position of €28,743.3 million in Q4 2023. With the corresponding data being adjusted for the impact of SPEs, IIP recorded a net liability position of €10,834.1 million in Q1 2024, compared with a net liability position of €10,847.3 million, in Q4 2023.

The gross external debt increased to €172,162 million in Q1 2024 from €171,696.6 million in Q4 2023. The external assets in debt instruments increased to €157,952.6 million, up from €154,615.2 million in Q4 2023. Consequently, the net external debt decreased by €2,872 million to €14,209.4 million in Q1 2024.

Adjusted for the impact of SPEs, gross external debt reached €58,839.3 million in Q1 2024, compared to €58,448.5 million, in Q4 2023. The corresponding net external debt indicator decreased to -€15,464.9 million in Q1 2024, compared with -€15,141.3 million in Q4 2023.

(Source: CNA)

News Feed

Read More

Inflation continues upward trend at 2.9% in June
Government discusses energy, connectivity, outward-looking approach at business community roundtable
Bad cheques for €13,048 written in June
Minister concerned that Brussels might withdraw €657m subsidy for energy project
Corporation loans for over €1 million up 10% in May, despite increase on rate
Commission receives Cyprus' third payment request for €89.2 million in grants
Completion of LNG terminal in Vasilikos a priority, Energy Minister says
President outlines goal for a healthy fiscal environment before the business community
Balance of payments and IIP improved, net external debt down in Q1 2024
Cyprus submits request for the fourth tranche under the RRF