Cyprus’s household disposable income increased by 4.9 percent to €20.71 billion in 2023, while consumer spending rose 9.8 percent to €18.70 billion, according to preliminary estimates from the country’s Statistical Service.
The national gross disposable income reached €27.98 billion, with gross savings at €3.46 billion. The economy recorded a net borrowing requirement of €2.99 billion.
The household savings rate, measured as gross savings relative to gross disposable income, fell to 9.9 percent from 12.1 percent in 2022.
Investment by non-financial corporations, calculated as a percentage of gross value added, increased to 19.8 percent from 17.7 percent in the previous year.
Read more:
