FAMAGUSTA GAZETTE – A nationwide survey highlights economic challenges facing Cypriot households, with society split into three groups: 36% live comfortably, 34% barely make ends meet, and 30% struggle to survive.
The survey, conducted by the Cyprus Consumer and Quality of Life Association alongside CMRC-Cypronetwork Ltd, reveals that over the past six months, household incomes remained stable for 66% of respondents, while 15% reported declines and 18% saw increases.
Additionally, 90% noted rising product prices during this period.
The findings detail shifts in consumer behavior as families adjust their spending due to climbing costs. Over half of respondents (52%) have reduced expenses, with price hikes most evident in food, electricity, and clothing.
Borrowing trends show 40% of households hold bank loans, with six in ten describing loan repayment as burdensome. Furthermore, 30% feel over-indebted, and 5% fear they cannot meet payments.
Looking ahead, 56% of households expect their financial situation to remain unchanged, while 22% foresee a decline and 15% anticipate improvement. Optimism about the national economy has slightly increased compared to prior years.