Cyprus: Poverty and Inequality Decrease in 2024

According to the Ministry of Finance, inequality and poverty are decreasing in Cyprus. Social indicators show improvement, attributed to the improving economy, increased employment and income, and targeted government subsidy policies.

The analysis Economic Developments 2025 and Outlook 2026-2028 reports the following:

• The monetary poverty risk threshold increased in 2024 to €12,400 for single-person households (from €11,548 in 2023) and to €26,039 for households with two adults and two dependent children (from €24,250 in 2023).
• The poverty risk rate decreased to 17.1% in 2024, compared to 17.4% in 2023.
• The poverty rate for women improved (18.5% from 19.0%), as did the rate for men (15.6% in 2024 from 15.7% in 2023).

In 2024, the poverty rate in Cyprus remains lower compared to the EU average (16.2%). Social transfers reduce the poverty risk index by 19.6 percentage points.

The average annual net disposable household income for 2024 was €40,834, an increase of 8% compared to the previous year (€37,821).

Eurostat announced that the subjective poverty rate in Cyprus was 18.9% in 2024, lower than the EU average.