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Nearly 14% of people in Cyprus were at risk of poverty in 2023, according to a new report from the Statistical Service of Cyprus. This means around 127,236 individuals lived on a yearly disposable income of €11,324 or less.
In 2023, 28% of the population, or about 256,951 people, were in the "lower income class," with yearly incomes below €14,155. This percentage has slightly improved from 29.4% in 2022.
Most of the population, around 64%, fell into the "middle-income class," earning between €14,156 and €37,746 per year. Meanwhile, 7.9% of people, or 72,601 individuals, were in the "higher income class," making over €37,747 annually.
The report breaks down the middle-income group further:
- 21.9% earned between €14,156 and €18,873.
- 30.3% earned between €18,874 and €28,309.
- 11.9% made between €28,310 and €37,746.
The median income in Cyprus ranges from €14,156 to €18,873, with wealthier households earning significantly more. For example, households in the "upper-income class" had a median income of €46,711, more than double the national average. On the other hand, those in the "lower income class" had a median income of €11,339, and people at risk of poverty had a median income of only €9,619.
The report also looked at the financial struggles of households, particularly regarding housing costs. In 2023, 31.6% of "lower income class" households were behind on their home loan or rent payments, slightly down from 32.8% in 2018. Meanwhile, 9.4% of "middle-income class" households and only 1.2% of "upper-income class" households experienced similar issues.
The data highlights the ongoing financial challenges for lower-income families in Cyprus, particularly when it comes to keeping up with housing payments.
[With info from CNA]
