Actual Individual Consumption in Cyprus remains at 92% of the EU average in 2017

Actual Individual Consumption (AIC, a measure of material welfare of households across the Member States) expressed in Purchasing Power Standards (PPS) varied from 54% of the European Union (EU) average in Bulgaria to 132% in Luxembourg, according to data released today by Eurostat, the statistical service of the EU. In Cyprus AIC per capita stood at 92% (same as 2016) while GDP per capita was 85% (increase form 84% in 2016).

Ten Member States recorded AIC per capita above the EU average in 2017. The highest level in the EU was recorded in Luxembourg, 32% above the EU average, ahead of Germany (22% above). They were followed by Austria, Denmark and the United Kingdom, which recorded levels around 15% and 20% above the EU average, and Belgium, Finland, the Netherlands, Sweden and France with levels around 10% above the EU average. AIC per capita for thirteen Member States lay between the EU average and 30% below. In Italy, Ireland and Cyprus, the levels were less than 10% below the EU average, while Spain, Lithuania, Czechia and Portugal were between 10% and 20% below. Malta, Slovenia, Greece, Poland, Slovakia and Estonia were between 20% and 30% below the average. Five Member States recorded AIC per capita more than 30% below the EU average. Latvia, Romania, 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 (68% of the EU average in 2017 compared with 58% in 2015), Lithuania (88% vs. 83%) and Czechia (82% vs. 78%). In contrast, the most noticeable decreases were recorded in Luxembourg (132% in 2017 vs. 140% in 2015), Austria (117% vs. 121%), the Netherlands (111% vs. 115%) and Sweden (109% vs. 113%).

Source: Cyprus News Agency