The Central Bank of Cyprus’ Statistics Department published preliminary 2024 external statistics covering the balance of payments, international investment position and external debt, showing an improvement in the current account balance and a reduction in gross and net external debt. Cyprus’ current account deficit narrowed to EUR 2,835.0 million in 2024 from EUR 3,556.1 million in 2023, equal to 8.4% and 11.3% of GDP respectively. On an adjusted basis that treats special purpose entities (SPEs) as non-residents, the deficit was EUR 2,909.2 million in 2024 versus EUR 3,437.0 million in 2023, corresponding to 8.7% and 11.0% of GDP. The international investment position (TIF) improved to a net liability position of EUR 29,177.6 million from EUR 30,195.7 million, or EUR 11,097.0 million from EUR 12,282.9 million after SPE adjustment. Gross external debt fell to EUR 246,167.9 million from EUR 251,627.2 million, while external assets in debt instruments declined to EUR 227,270.3 million from EUR 240,921.6 million, resulting in net external debt decreasing by EUR 8,192.0 million to EUR 18,897.6 million. Adjusted for SPEs, gross external debt was EUR 59,725.7 million versus EUR 59,608.2 million, and net external debt moved to -EUR 24,347.9 million from -EUR 19,013.6 million.
Central Bank of Cyprus 2025-05-26
Central Bank of Cyprus publishes preliminary 2024 external statistics showing narrower current account deficit
The Central Bank of Cyprus reported improvements in the 2024 external statistics, with the current account deficit narrowing to EUR 2,835.0 million from EUR 3,556.1 million in 2023. The international investment position improved to a net liability of EUR 29,177.6 million, and gross external debt decreased to EUR 246,167.9 million. Adjusted figures for special purpose entities show a similar trend of improvement.