Cyprus' balance of payments and international investment position (IIP) improved, while net external debt decreased in the first quarter of 2024 compared to the corresponding quarter of 2023, according to provisional data released by the Central Bank's Statistics Department on Wednesday. According to the preliminary balance of payments data for Q1 2024, the current account balance of Cyprus recorded an improvement, with the deficit decreasing from pound 1,881.7 million in Q1 2023, to pound 890.2 million, in Q1 2024. The resulting deficit adjusted for the impact of Special Purpose Entities (SPEs), that is, classifying SPEs as non-residents, stood at pound 1,007.1 million in Q1 2024, compared with a deficit of pound 1,234.5 million in Q1 2023. Furthermore, the international investment position (IIP) recorded an improvement in Q1 2024, presenting a net liability position of pound 28,491.4 million, compared with a net liability position of pound 28,743.3 million in Q4 2023. With the corresponding data being adj usted for the impact of SPEs, IIP recorded a net liability position of pound 10,834.1 million in Q1 2024, compared with a net liability position of pound 10,847.3 million, in Q4 2023. The gross external debt increased to pound 172,162 million in Q1 2024 from pound 171,696.6 million in Q4 2023. The external assets in debt instruments increased to pound 157,952.6 million, up from pound 154,615.2 million in Q4 2023. Consequently, the net external debt decreased by pound 2,872 million to pound 14,209.4 million in Q1 2024. Adjusted for the impact of SPEs, gross external debt reached pound 58,839.3 million in Q1 2024, compared to pound 58,448.5 million, in Q4 2023. The corresponding net external debt indicator decreased to -pound 15,464.9 million in Q1 2024, compared with -pound 15,141.3 million in Q4 2023. Source: Cyprus News Agency