Insider Economy Cyprus is now at pre-financial crisis poverty and social exclusion levels

Cyprus is now at pre-financial crisis poverty and social exclusion levels

Cyprus has managed to achieve pre-financial crisis poverty and social exclusion levels recording a percentage of 23.9% by the end of 2018 compared to 25.2% the year before.

This is what an Income and Living Conditions Survey carried out by the island’s Statistics Service with 2017 as the income reference year shows.

The survey used a sample of 4,192 households from urban and rural areas of all districts of Cyprus.

The highest poverty and social exclusion level in Cyprus was recorded in 2015 when it reached a high of 28.9%.

As for the Gini coefficient, which calculates inequality in the distribution of income among members of society, this was 29.1% in 2018 compared to 30.8% in 2017. It reached an all-time-high in 2014 with 34.8%.

Before the financial crisis the coefficient was 29.2% for 2011, 31% for 2012 and 32.4% in 2013.

If the incomes were equally distributed to the population then the Gini coefficient would be 0%.

But if all the income was concentrated by one person, then the Gini coefficient would be 100%. Increase in the Gini coefficient entails an increase in inequality.

As for the indicator on severely material-deprived households, which are those that cannot even pay their electricity or water bills, this decreased to it 10.2% in 2018 compared to 11.5% in 2017.

In addition, the proportion of the population, aged 0-59, living in households with very low work volume indicators, this also decreased in 2018. It reached 8.6% compared to 9.4% in 2017.

Low work volume indicator refers to adults in a household working less than 20% of their total capacity.


Read more:





Top Stories

One new Covid-19 case from repatriations

There was one new Covid-19 case in Cyprus, the Health Ministry said on Friday, from a total of 2363 tests, bringing the total number...

Limassol: Dead body found in warehouse

  A body has been found in the light shaft of a warehouse on Nicos Georgiou street in Limassol, philenews reports. It said the body was...

Holy Synod to allow weddings during pre-Christmas fasting period

As a result of Covid-prompted wedding postponements, the Holy Synod has decided to allow wedding ceremonies during the pre-Christmas fasting period this year until...

President to discuss phase 3 with scientific advisors on Tuesday

  The team of scientists advising the government on the coronavirus outbreak are due to hold a new meeting with President Nicos Anastasiades on Tuesday...

Cyprus deposits down, loans rise in April

  Deposits were down while loans were up in April 2020 according to data the Central Bank of Cyprus published on Friday. In particular, according to...


Local cuisine: An introduction

Rich in fresh ingredients and tasty herbs, offers the very best of Mediterranean culinary delights. Head out to a tavern and feast on a...

Spiced lamb with beetroot salad and scented yoghurt

Lay the lamb on a tray, skin side down. Rub with crushed garlic, sprinkle with spices and ground pistachios, wrap in plastic wrap and...

Easy seafood pasta with white wine sauce

Ingredients: 2-3 tbsp olive oil 1 garlic clove, chopped 2-3 tablespoons of whipped cream 1/3 cup white wine 300g spaghetti, roughly broken 300-400g of...

Traditional salads that will blow your mind away

This traditional salads will make you actually love salads! Cyprus may be famous for souvla and kleftiko but if you try the traditional salads with...