Cyprus Sees 4.9% Rise in Household Disposable Income in 2023

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Household disposable income in Cyprus, including Non-Profit Institutions Serving Households (NPISH), recorded a 4.9% annual increase in 2023, according to preliminary estimates released by the Statistical Service of Cyprus.

The report, outlining key figures from the National Accounts for 2023, shows that the total gross disposable income for the economy reached €27.98 billion. Gross savings stood at €3.46 billion, with net borrowing recorded at -€2.99 billion.

Disposable income for households and NPISH rose from €19.74 billion in 2022 to €20.71 billion in 2023. Meanwhile, final consumption expenditures climbed by 9.8%, increasing from €17.03 billion to €18.70 billion.

The savings ratio, reflecting gross savings as a percentage of gross disposable income for households and NPISH, dropped to 9.9%, down from 12.1% in 2022.

The investment ratio within non-financial corporations—calculated as investments relative to gross value added in this sector—grew to 19.8%, up from 17.7% the previous year.

Source: www.stockwatch.com.cy

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