articles | 16 December 2019

Household wealth in Cyprus sits around EU average

The material wealth of households in Cyprus was around the EU average in 2018, according to new figures.

The Actual Individual Consumption (AIC) expressed in Purchasing Power Standards (PPS) ranged from 56% of the European Union (EU) average in Bulgaria to 134% in Luxembourg. In Cyprus this rate was 94%.

Ten Member States recorded AIC per capita above the EU average in 2018. The highest level in the EU was recorded in Luxembourg, 34% above the EU average, ahead of Germany (20% above). They were followed by Austria, Denmark, Belgium, the Netherlands, the United Kingdom, Finland, Sweden and France with levels of seven to 17% above the EU average.

AIC per capita for 14 Member States lay between the EU average and 30% below. In Italy, Ireland, Cyprus and Spain the levels were 10% or less below the EU average, while Lithuania, Portugal, the Czech Republic and Malta were between 10 and 20% below. Slovenia, Greece, Poland, Estonia, Slovakia and Romania were between 20 and 30% below the average.

Four Member States recorded AIC per capita more than 30% below the EU average. Latvia, Croatia and Hungary were between 30 and 40% below, while Bulgaria had AIC per capita more than 40% below the EU average.

Over the last three years, AIC per capita relative to the EU average remained relatively stable in a majority of Member States. However, clear increases have been registered in Romania (71% in 2018 compared to 65% in 2016), Slovakia (73% vs. 68%) and Lithuania (89% vs. 85%).

In 2018, GDP per capita expressed in PPS ranged between 51% of the EU average in Bulgaria and 261% in Luxembourg. In Cyprus GDP per capita was 89%.

Source: Cyprus Mail

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