Cyprus Mail

Households wealth at 92 per cent of European average

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Actual Individual Consumption (AIC) per capita in Cyprus stood at 92 per cent of the EU average in 2017, according to Eurostat, the statistical service of the EU.

AIC is a measure of households’ material welfare.

Based on preliminary estimates for 2017, AIC per capita expressed in Purchasing Power Standards (PPS) varied from 55 per cent to 130 per cent of the EU average across the bloc’s member states. Ten member states recorded AIC per capita above the EU average in 2017.

The highest level in the EU was recorded in Luxembourg, 30 per cent above the EU average. Germany and Austria were around 20 per cent above, followed by the United Kingdom, Finland, Belgium, Denmark, the Netherlands, France, and Sweden which all recorded levels between 9 per cent and 14 per cent above the EU average.

In Italy, Ireland and Cyprus the levels were 10 per cent or less below the EU average, while Spain, Lithuania, Portugal and the Czech Republic were between 10 per cent and 20 per cent below.

GDP per capita, a measure of economic activity, also shows substantial differences between the EU member states. In 2017 GDP per capita expressed in PPS ranged between 49 per cent of the EU average in Bulgaria, to 253 per cent in Luxembourg.

Cyprus’ GDP per capita meanwhile stood at 84 per cent of the EU average.

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