Cyprus private debt makes up 346% of the islands total GDP

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The Central Bank of Cyprus released figures for last financial year, showing that household debt in Cyprus declined by an annual 3.7% in December of last year rendering the total amount close to a staggering €22B, as that of non-financial corporate tax increased by 5% to over €40B. Compared to economic output, general domestic non-corporate debt in December of last year was close to 123%, while that of non-financial companies was almost double at 223%; with private sector debt standing at 346%, the central bank said in a statement on its website this week. Insurance companies had under €4B in financial assets in December, while investment companies had €2.5bn and pension funds almost €3B. Experts have stated that having a high level of national debt is normal, as long as they are actively being repaid, as opposed to NPLs.