An annual increase of 4.9% to the disposable income of households and Non-Profit Institutions serving households was recorded in 2023.

According to the Statistical Service of Cyprus, based on the preliminary estimates of the main aggregates of the National Accounts by institutional sector for the year 2023, the gross disposable income for the total economy amounted to €27.981,9 mn, the gross saving amounted to €3.463,0 mn and the net borrowing (-) amounted to €2.998,7 mn.  

The disposable income of households and non-profit institutions serving households (NPISH) increased by 4,9% compared to 2022, from €19.743,7 mn to €20.713,2 mn, while their final consumption expenditure, increased by 9.8% in 2023 compared to 2022, from €17.030,2 mn to €18.702,7 mn.

In addition, the savings ratio, which is calculated as the percentage of the gross saving to the gross disposable income of Households and NPISH, amounted to 9.9% compared to 12.1% in 2022. 

The investment ratio of the non-financial corporations, which is calculated as the percentage of investments to gross value added of the non-financial corporations’ sector, amounted to 19.8% compared to 17.7% in 2022, it concludes.