The Central Bank of Cyprus released preliminary external statistics for Q3 2024 covering the balance of payments, international investment position and external debt, reporting a sharp improvement in the current account balance compared with Q3 2023. Preliminary balance of payments data show the current account deficit narrowed to EUR 29.6 million in Q3 2024 from EUR 369.4 million in Q3 2023. Adjusting for the impact of special purpose entities (SPEs) by classifying SPEs as non-residents, the deficit stood at EUR 108.2 million versus EUR 351.6 million a year earlier. The international investment position recorded net liabilities of EUR 27,789.1 million in Q3 2024 compared with EUR 27,875.8 million in Q2 2024, while the SPE-adjusted net liability position was EUR 9,945.9 million versus EUR 10,010.2 million. Gross external debt eased to EUR 261,534.0 million from EUR 262,098.6 million, but net external debt rose by EUR 5,267.1 million to EUR 17,700.0 million as external assets in debt instruments fell to EUR 243,834.0 million from EUR 249,665.7 million. On an SPE-adjusted basis, gross external debt declined to EUR 59,257.0 million from EUR 61,077.4 million and net external debt moved to -EUR 20,789.7 million from -EUR 19,239.7 million.
Central Bank of Cyprus 2025-01-07
Central Bank of Cyprus publishes preliminary Q3 2024 external statistics showing current account deficit narrowed to EUR 29.6 million
The Central Bank of Cyprus reported a significant improvement in the current account balance for Q3 2024, with the deficit narrowing to EUR 29.6 million from EUR 369.4 million in Q3 2023. Adjusted for special purpose entities, the deficit was EUR 108.2 million compared to EUR 351.6 million a year earlier. The international investment position showed a slight decrease in net liabilities, while gross external debt decreased marginally, and net external debt rose due to reduced external assets.