The gross disposable income for Cypriot households, as well as that of non-profit institutions serving households, saw an annual increase of 8.4 per cent in 2024, according to figures released on Friday by the Cyprus statistical service (Cystat).

This means that Cypriot households had more money left to spend or save after paying taxes and receiving any government benefits, compared with the previous year.

This also includes the income of non-profit organisations that help households, such as charities and community groups.

The statistical service also reported that the total economy’s gross disposable income reached €30.66 billion for the year 2024, based on the preliminary figures.

Gross saving for the economy stood at €4.33 bn, while the net borrowing figure was recorded at €3.06 bn.

The increase of 8.4 per cent in disposable income for households and non-profit institutions serving households meant the total rose from €19.38 bn in 2023 to €21.02 bn in 2024.

At the same time, the final consumption expenditure for this sector also saw a rise of 5.8 per cent in 2024 compared to 2023, increasing from €18.82 bn to €19.92 bn in 2024.

Furthermore, the savings ratio for both households and NPISH, which is calculated as the percentage of gross saving to gross disposable income, amounted to 5.6 per cent in 2024.

This represented a slight drop from the 5.9 per cent recorded in 2023, according to the statistical service.

In the non-financial corporations sector, the investment ratio was measured at 16.0 per cent in 2024.

This ratio is calculated as the percentage of investments to the gross value added of the sector.

Finally, the report mentioned that the 2024 figure represented a notable decrease from the 18.3 per cent recorded in 2023.