At €3.7 billion, the current account deficit
According to preliminary balance of payments data for 2023, Cyprus's current account has deteriorated
The current account deficit worsened in 2023, according to data announced by the Central Bank.
According to preliminary balance of payments data for 2023, Cyprus's current account has deteriorated, with the deficit increasing from €2,202.7 million in 2022 to €3,607.2 million in 2023, corresponding to to 7.9% and 12.1% of the annual GDP of Cyprus, respectively.
Adjusting the data for the effect of special purpose entities ( SPEs ), i.e. classifying SPEs as non-residents, the deficit amounted to €3,434.2 million in 2023, against a deficit of €2,540.9 million in 2022, which corresponds to 11.5% and 9.2% of the country's annual GDP, respectively.
The international investment position (IIP) in 2023 deteriorated, presenting a net liability position of €28,743.3 million, compared to €26,713.5 million in 2022.
TIF, after adjusting the data for the effect of SPEs, recorded a net liability position of €10,847.3 million in 2023, compared to €9,359.1 million in 2022.
Gross external debt increased to €171,696.6 million in 2023, compared to €169,326.4 million in 2022.
On the other hand, external assets in debt instruments increased to €154,615.2 million, from € 147,388.9 million in 2022.
Therefore, the net external debt decreased by €4,857 million, to €17,081.4 million in 2023.
Adjusted for the effect of SPEs, gross external debt amounted to €58,448.5 million in 2023, compared to €58,444.7 million in 2022, while the corresponding ratio for net external debt decreased to -€15,141.3 million . in 2023, from -€11,861.7 million in 2022.
Source: stockwatch.com.cy
Photo: stockwatch.com.cy
8 April 2024
