Data based on BPM6 methodology

The external statistics data published by the Central Bank of Cyprus (CBC) are compiled in accordance with the new international methodological standards (ESA 2010, BPM6). The main presentational and methodological changes, vis-a-vis the previous manual BPM5, can be found here.

Data for Q1 2023

The Statistics Department of the Central Bank of Cyprus has today released the provisional data for external statistics (balance of payments, international investment position and external debt) for the first quarter of 2023 (Q1 2023).

According to the preliminary balance of payments data for Q1 2023, the current account balance of Cyprus recorded a deterioration, with the deficit increasing from €699,6 million in Q1 2022, to €1.876,1 million, in Q1 2023.

• The resulting deficit adjusted for the impact of Special Purpose Entities (SPEs), that is, classifying SPEs as non-residents, stood at €1.242,3 million in Q1 2023, compared with a deficit of €708,5 million in Q1 2022.

The international investment position (IIP) recorded a deterioration in Q1 2023, presenting a net liability position of €29.019,6 million, compared with a net liability position of €28.439,5 million in Q4 2022.

• With the corresponding data being adjusted for the impact of SPEs, IIP recorded a net liability position of €10.901,1 million in Q1 2023, compared with a net liability position of €11.037,3 million, in Q4 2022.

The gross external debt increased marginally to €167.702,7 million in Q1 2023 from €167.649,7 million in Q4 2022. The external assets in debt instruments decreased to €150.312,6 million, down from €152.293,4 million in Q4 2022. Consequently, the net external debt increased by €2.033,7 million to €17.390,0 million in Q1 2023.

• Adjusted for the impact of SPEs, gross external debt reached €61.225,7 million in Q1 2023, compared to €61.856,7 million, in Q4 2022. The corresponding net external debt indicator increased slightly to -€10.203,2 million in Q1 2023, compared with -€10.311,2 million in Q4 2022.

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