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Ratio of currency in circulation (CIC) to GDP in Europe 2019, by country

Coins and banknotes were least likely to circulate in the economies of Norway, Sweden and Iceland in 2019. This based on estimates of the so-called CIC/GDP ratio in nearly 40 European countries, a ratio that roughly measures the general use of cash money in the country (or the cash money that is not being held by banks). Due to the anonymity of cash transactions, sources struggle to find exact volumes on this. The ratio mentioned here is quite popular in that regards, as the data it needs is relatively easy to find. Some industry experts mention, however, that this ratio is too general and not necessarily reflects retail payments.

Share of currency in circulation (CIC) to the nominal GDP of 40 countries in Europe in 2019

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Release date

October 2020



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Supplementary notes

The numbers provided have been calculated from two sources:

  • Currency in circulation in national currency from the IMF;
  • Nominal GDP in current prices and national currency from Eurostat.

The CIC to GDP ratio roughly reflects the overall use of cash in a country. Note, however, that this is quite general (as it looks at the overall market for cash) and does not exclusively look at the component of consumers.

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