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ECONOMY

Cyprus Current Account Deteriorating In Q1 2020

Cyprus Current Account Deteriorating In Q1 2020

According to statistics released by the Central Bank of Cyprus, the current account of Cyprus deteriorated significantly in the first quarter (Q1) of 2020, recording a deficit of €928,1 million, compared with a deficit of €639,4 million in the corresponding quarter of 2019.

 

Adjusting the data for the impact of Special Purpose Entities (SPEs), that is, classifying SPEs as non-residents, the resulting deficit stands at €769,9 million in Q1 2020, compared with a deficit of €798,4 million in Q1 2019.

 

The international investment position (IIP) recorded a slight improvement at the end of Q1 2020, presenting a net liability position of €25.342,1 million, compared with a net liability position of €25.459,5 million in the last quarter (Q4) of 2019.

 

Adjusting the data for the impact of SPEs, IIP recorded a net liability position of €7.650,3 million at the end of Q1 2020, compared with a net liability position of €8.000,5 million, at the end of Q4 2019.

 

The gross external debt amounted to €205.690,5 million in Q1 2020, compared with €205.302,8 million in Q4 2019. The same trend was also recorded by external assets in debt instruments which increased to €121.401,1 million, up from €119.652,5 million in Q4 2019. The net external debt decreased by €1.360,9 million to €84.289,5 million, over Q1 2020.

 

Adjusted for the impact of SPEs, gross external debt reached €57.474,3 million at the end of Q1 2020, compared to €57.759,7 million, at the end of Q4 2019, while the corresponding net external debt indicator significantly declined to -€1.975,6 million, compared with €282,0 million at the end of Q4 2019.

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