In 2022, people in Cyprus saved on average 6.51% of their disposable income, Eurostat data show.
This was among the lowest rates in the European Union, as the bloc’s average was 12.7%.
The household saving rate in Cyprus almost halved compared to 2021 (13.47%) and 2020 (12.35%).
This was a trend observed across the EU, as saving rates were significantly lower than in 2021 (16.4%).
The highest gross saving rates among the EU members in 2022 were recorded in Germany (19.9%), the Netherlands (19.4%) and Luxembourg (18.1%).
12 EU members recorded saving rates below 10.0% in 2022, among which Poland and Greece had negative rates, -0.8% and -4.0%, respectively.
This indicates that households spent more than their gross household disposable income and were therefore either using accumulated savings from previous periods or borrowing to finance their expenditure.
Source dataset: nasa_10_ki
In 2022, real gross household adjusted disposable income per inhabitant in the EU recorded a decrease of 0.8%, while the euro area experienced a 0.9% drop, the first decline since 2013.
Looking at the developments over the past two decades, after the negative rates between 2010 and 2013 due to the global financial and economic crisis, real gross household adjusted disposable income per inhabitant increased from 2014 to 2021. In 2020, during the initial year of the COVID-19 crisis, the rate of change decelerated but remained positive. After a record 2.8% growth in 2021 – the highest in the past two decades – in 2022 the increase in nominal value (+6.3%) was lower than the increase in prices (+7.2%), and thus a decrease in real value was observed.
Source dataset: nasa_10_ki