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Annual increase of 7.2% in disposable income of households and Non-Profit Institutions Serving Households
Based on preliminary estimates of the main macroeconomic aggregates of the National Accounts by institutional sector for the year 2022, gross disposable income for the whole economy amounted to €25.486.8 million, gross saving amounted to €3,749.6 million and the net financing need (-) stood at €2,148.9 million (Table)
The disposable income of households and non-profit institutions serving households (NPIs) increased by 7.2% compared to 2021, from €16,506.5 million to €17,691.4 million, while their final consumption expenditure increased by 15.6% in 2022 compared to 2021, from €14,358.8 million to €16,605.3 million.
In addition, the savings rate, defined as the ratio of gross savings to gross disposable income of households and MFIs, was 6.5% compared to 13.5% in 2021.
In addition, the savings rate, defined as the ratio of gross savings to gross disposable income of households and MFIs, was 6.5% compared to 13.5% in 2021.
The share of investment by non-financial corporations, calculated as the ratio of investment to gross value added of the non-financial corporations sector, stood at 18.7% compared to 17.0% in 2021.
Table
| Macroeconomic Metrics |
[/TD] [TD]
Institutional Sectors 2022 (€m.)
[/TD] [/TD][TR] [TD] [TD]
S.1
[/TD] [TD]S.11
[/TD] [TD]S.12
[/TD] [TD]S.13
[/TD] [TD]S.1M
[/TD] [TD]S.1N
[/TD] [TD]S.2
[/TD] [/TD] [/TR] [TR] [TD]Gross domestic product
[/TD] [TD]27,777.0
[/TD] [TD]11.839.3
[/TD] [TD]2,405.7
[/TD] [TD]3,790.9
[/TD] [TD]6,408.9
[/TD] [TD]3,332.2
[/TD] [TD]n.a.
[/TD] [/TD] [/TR] [TR] [TD]Income from dependent work
[/TD] [TD]11.388.4
[/TD] [/TD] [TD]6,360.6
[/TD] [TD]1,094.5
[/TD] [TD]3,179.2
[/TD] [TD]754.1
[/TD] [/TD] [TD]n.a.
[/TD] [TD]73.5
[/TD] [/TR] [TR] [TD]Gross operating surplus and gross income
[/TD] [/TD] [TD]12.486.4
[/TD] [/TD] [TD]4,965.1
[/TD] [TD]1,291.5
[/TD] [TD]611.7
[/TD] [TD]5.618.0
[/TD] [TD]n.a.
[/TD] [TD]n.a.
[/TD] [/TR] [TR] [TD]Property income
[/TD] [TD]-2.047.4
[/TD] [TD]-2,004.4
[/TD] [TD]-517.5
[/TD] [TD]-295.5
[/TD] [TD]770.0
[/TD] [TD]n.a.
[/TD] [TD]2.047.4
[/TD] [/TD] [/TR] [TR] [TD]Gross national income
[/TD] [TD]25,689.6
[/TD] [TD]2.960.7
[/TD] [TD]774.0
[/TD] [TD]4,210.3
[/TD] [TD]17,744.6
[/TD] [TD]n.a.
[/TD] [TD]n.a.
[/TD] [/TR] [TR] [TD] [TD]Current taxes on income, wealth, etc.
[/TD] [TD]-1.2
[/TD] [TD]-1,675.1
[/TD] [TD]-281.1
[/TD] [TD]2,924.2
[/TD] [TD]-969.1
[/TD] [TD]n.a.
[/TD] [TD]1.2
[/TD] [/TR] [TR] [TD]Social contributions and benefits
[/TD] [/TD] [TD]0.3
[/TD] [TD]-184.6
[/TD] [TD]-80.4
[/TD] [TD]-3.151.2
[/TD] [TD]3,416.5
[/TD] [TD]n.a.
[/TD] [TD]-0.3
[/TD] [/TR] [TR] [TD]Other current transfers
[/TD] [TD]-202,0
[/TD] [TD]-255.1
[/TD] [TD]-20.0
[/TD] [TD]-394.3
[/TD] [TD]467.4
[/TD] [TD]n.a.
[/TD] [TD]202.0
[/TD] [/TR] [TR] [TD]Gross disposable income
[/TD] [TD]25.486.8
[/TD] [TD]845.9
[/TD] [TD]392.5
[/TD] [TD]6,557.0
[/TD] [TD]17,691.4
[/TD] [TD]n.a.
[/TD] [TD]n.a.
[/TD] [/TR] [TR] [TD]Final consumption expenditure
[/TD] [TD]21,737.2
[/TD] [TD]n.a.
[/TD] [TD]n.a.
[/TD] [TD]5,131,9
[/TD] [TD]16,605,3
[/TD] [TD]n.a.
[/TD] [TD]n.a.
[/TD] [/TR] [TR] [TD]Gross saving
[/TD] [TD]3,749.6
[/TD] [TD]845.9
[/TD] [TD]322.9
[/TD] [TD]1.425.1
[/TD] [TD]1,155.6
[/TD] [TD]n.a.
[/TD] [TD]n.a.
[/TD] [/TR] [TR] [TD]Capital transfers
[/TD] [TD]176.2
[/TD] [TD]64.6
[/TD] [TD]1.0
[/TD] [TD]32.1
[/TD] [TD]78.5
[/TD] [TD]n.a.
[/TD] [TD]-176.2
[/TD] [/TR] [TR] [TD]Gross capital formation
[/TD] [TD]5.951.4
[/TD] [TD]2,465.0
[/TD] [TD]33.3
[/TD] [TD]728.7
[/TD] [TD]2.724.5
[/TD] [/TD] [TD]n.a.
[/TD] [TD]n.a.
[/TD] [/TR] [TR] [TD]Exports of goods and services
[/TD] [TD]n.a.
[/TD] [TD]n.a.
[/TD] [TD]n.a.
[/TD] [TD]n.a.
[/TD] [TD]n.a.
[/TD] [TD]n.a.[/TD] [TD]
n.a.
[/TD] [TD]26,398.6
[/TD] [/TD] [/TR] [TR] [TD]Imports of goods and services
[/TD] [TD]n.a.
[/TD] [TD]n.a.
[/TD] [TD]n.a.
[/TD] [TD]n.a.
[/TD] [TD]n.a.
[/TD] [TD]n.a.
[/TD] [TD]26,310.3
[/TD] [/TR] [TR] [TD]Net financing capacity (+)/net financing need (-)
[/TD] [TD]-2.148.9
[/TD] [TD]-1,677.7
[/TD] [TD]342.9
[/TD] [TD]676.2
[/TD] [TD]-1.490.3
[/TD] [TD]n.a.
[/TD] [TD]2,148.9
[/TD] [/TD] [/TR]
n.a.: Not applicable
Institutional sectors:
S.1: Total Economy
S.11
S.11: Non-financial corporations
S.12: Financial Companies
S.13: General government
S.1M: Households (S.14) and Non-Profit Institutions Serving Households (S.15)
S.1N: Taxes less subsidies
S.2: Foreign
[BR]Methodological information
Purpose
Information is provided on the full sequence of non-financial accounts (transactions and balancing items) by institutional sector. It consists of the following accounts:
- Production account,
- Primary income distribution accounts,
- Secondary income distribution account,
- Use of income account,
- Capital account,
- Changes in net worth due to saving and capital transfers,
- Acquisition of non-financial assets account.
Institutional sectors consist of groups of institutional units with similar characteristics and some of these sectors are further subdivided into sub-sectors.
Calculation and Methodology
The production of national accounts data by institutional sector is based on the European System of Accounts 2010 (ESA 2010).
The collection of economic data by institutional sector and for the economy as a whole is carried out by:
- Public Finance Branch of the Statistical Service for the General Government sector,
- National Accounts Sector of the Statistical Service, for macroeconomic aggregates for the whole economy,
- Central Bank of Cyprus for the Foreign Sector, from Balance of Payments statistics,
- Demography, Social Statistics and Tourism Section of the Statistical Service,
- Cyprus Agricultural Payments Organisation (CAPO),
- Business Register of the Statistical Service,
- Results of annual economic surveys (Industry, Construction, Wholesale and Retail Trade, Services) of the Statistical Service.
Data coverage
Annual non-financial accounts for institutional sectors cover all institutional sectors of the economy:
- S.1: Total Economy
- S.11S.12: Financial corporations
- S.12: Financial corporations
- S.13: General government
- S.1M: Households (S.14) and Non-profit institutions serving households (S.15)
- S.1N: Taxes less subsidies
- S.2: Foreign
For more information the public can visit the Statistics Service Portal, under National Accounts, CYSTAT-DB (Database), Predefined Tables (Excel), Methodological Information, or contact Mr. Michael Pantziaras at 22605127 and at mpantziaras@cystat.mof.gov.cy.
(AF/EP)
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Views & opinions expressed are those of the author and/or PIO
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