In 2022, Cyprus witnessed a significant 7.2% increase in the disposable income of households and non-profit institutions serving households (NPISHs), compared to 2021, according to the Cyprus Statistical Service.

According to preliminary estimates of the major macroeconomic indicators in the National Accounts by institutional sector for 2022, the gross disposable income for the entire economy reached €25.486,8 million. Concurrently, gross savings amounted to €3.749,6 million, and the net financing requirement was formulated at €2.148,9 million.

Specifically, the disposable income of households and NPISHs rose by 7.2% compared to 2021, moving from €16.506,5 million to €17.691,4 million. Additionally, their final consumption expenditure increased by a substantial 15.6% in 2022 compared to the previous year, climbing from €14.358,8 million to €16.605,3 million.

Moreover, the savings rate, defined as the percentage of gross savings to gross disposable income of households and NPISHs, was configured at 6.5%, a marked decrease from 13.5% in 2021.

Investment rates of non-financial corporations, calculated as the percentage of investments to the gross value added of the non-financial corporate sector, rose to 18.7% in 2022 from 17.0% in 2021.

In a different sector, October 2023 saw a 1.3% decrease in total petroleum product sales compared to the same month in 2022, as reported by the Cyprus Statistical Service. Total sales reached 130,677 tonnes, reflecting a slight downturn in the petroleum market.

Sales declines were noted in several categories: kerosene (-48.1%), heating oil (-33.9%), and light fuel oil (-29.1%). Contrarily, there were increases in aviation fuel (13.6%), ship supplies (6.5%), and heavy fuel oil (53.5%) sales, alongside marginal gains in motor gasoline (4.4%), gasoline (3.9%), and liquefied petroleum gas (1.7%). Sales from petroleum stations presented a marginal increase of 0.3% to 55,192 tonnes.

Overall petroleum sales in October 2023 remained unchanged compared to September 2023. Notably, heavy fuel oil sales surged by 97.0%, while gasoline sales dropped by 3.7% and diesel by 2.2%. Supply to airplanes and ships remained constant. Total petroleum stockpiles at the end of October 2023 decreased by 4.2% compared to the end of the previous month.

From January to October 2023, total petroleum sales showed no change compared to the same period in the previous year, indicating a stabilization in the market.