In the first quarter of 2024, private debt in Cyprus (including households and non-financial corporations) was 195% of GDP. This marks a slight decrease from the previous quarter, primarily due to an increase in the country's GDP.

Specifically, according to the quarterly financial accounts for the first quarter of the year, household debt amounted to €19.6 billion at the end of March 2024, with the corresponding debt ratio standing at 65% of Gross Domestic Product (GDP), showing a marginal decrease compared to the previous quarter, primarily due to the increase in GDP.

In the fourth quarter of 2023, household debt at the end of 2023 stood at €19.7 billion, with the corresponding ratio reaching 66% of GDP.

Household assets in financial instruments amounted to €56.3 billion at the end of March 2024, of which 56% were in cash, deposits, and loans, 3% in debt securities, 24% in shares, and 17% in other financial assets.

According to the Central Bank of Cyprus, compared to December 2016, the household debt ratio has shown a significant decrease, reaching 51%.

Non-financial corporation debt at the end of March 2024 amounted to €39.3 billion, with the debt ratio standing at 130% of GDP, showing a decrease compared to the previous quarter, mainly due to the increase in GDP. In the last quarter of 2023, sector debt stood at €39.4 billion, with the debt ratio as a percentage of GDP standing at 133%.

Compared to December 2016, the non-financial corporations' debt ratio has shown a significant decrease reaching 81%.

Additionally, non-financial corporation assets amounted to €68.7 billion, with a distribution of 17% in cash and deposits, 5% in loans, 0.6% in debt securities, 45% in shares, and 32% in other financial assets.