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 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 year 2023.

According to the preliminary balance of payments data for 2023, the current account balance of Cyprus recorded a deterioration, with the deficit increasing from €2.202,7 million in 2022, to €3.607,2 million, in 2023, which corresponds to 7,9% and 12,1% of Cyprus’s annual GDP, respectively.

• The resulting deficit adjusted for the impact of Special Purpose Entities (SPEs), that is, classifying SPEs as non-residents, stood at €3.434,2 million in 2023, compared with a deficit of €2.540,9 million in 2022, which corresponds to 11,5% and 9,2% of the country’s annual GDP, respectively.

The international investment position (IIP) recorded a deterioration in 2023, presenting a net liability position of €28.743,3 million, compared with a net liability position of €26.713,5 million in 2022.

• With the corresponding data being adjusted for the impact of SPEs, IIP recorded a net liability position of €10.847,3 million in 2023, compared with a net liability position of €9.359,1 million, in 2022.

The gross external debt increased to €171.696,6 million in 2023 from €169.326,4 million in 2022. The external assets in debt instruments increased to €154.615,2 million, up from €147.388,9 million in 2022. Consequently, the net external debt decreased by €4.857 million to €17.081,4 million in 2023.

• Adjusted for the impact of SPEs, gross external debt reached €58.448,5 million in 2023, compared to €58.444,7 million, in 2022. The corresponding net external debt indicator decreased to -€15.141,3 million in 2023, compared with -€11.861,7 million in 2022.

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