Savings in Cyprus decline
People in Cyprus saved only 6.5% of their disposable income on average in 2022 (compared to 12.7% in the European Union), according to non-financial sector accounts annual data published by Eurostat.
Saving rates were significantly lower than in 2021 (13.47% in Cyprus, 16.4% in the EU), and closer to those before the pandemic (5.8% in Cyprus and 12.3% in the EU in 2019).
Cyprus was one of 12 EU member-states that recorded saving rates below 10% in 2022, among which Poland and Greece had negative rates of -0.8% and -4% respectively, indicating that households spent more than their gross household disposable income.
In Cyprus, this rate showed a small increase of 0.04% according to provisional data, as opposed to previous years when it had been recording significant increases (7.9% in 2019, 1.9% in 2020 and 7.0% in 2021). These increases began in 2015, after two years of decreases in 2013 and 2014 (-3.8% and -5.5 respectively).
After the negative rates between 2010 and 2013 due to the global financial and economic crisis, real gross household adjusted disposable income per inhabitant had been increasing from 2014 to 2021.
