The Eurobarometer survey reveals a bleak outlook on living standards in Cyprus, with 63% of respondents reporting a decline in the past five years, surpassing the EU average of 45%. Additionally, a majority of Cypriots anticipate further deterioration in the near future, reflecting widespread pessimism about economic prospects.
What do Cypriots think about their living standards according to the Eurobarometer survey?
The recent Eurobarometer survey indicates that Cypriots have a pessimistic view of their living standards, with 63% reporting a decline over the past five years, exceeding the EU average of 45%. Additionally, a significant portion of the population anticipates further deterioration in the near future.
Recent Eurobarometer survey results have shed light on the economic sentiments in Cyprus, revealing a gloomy outlook among its citizens. A significant 63 percent of Cypriots who participated in the survey reported a decline in their living standards over the past five years, a figure that notably exceeds the EU average of 45 percent. Only a third of the respondents believe their living conditions have remained stable.
Age plays a role in this perception, with 69 percent of individuals over 55 years old witnessing a drop in their living standard. Moreover, financial pressures are apparent as 39 percent of people reported occasional difficulties in meeting their monthly household expenses.
The Future Seems Uncertain
Looking ahead, Cypriots don’t hold much optimism for imminent improvements. Two-thirds of the population feel the country is on the wrong track, and a similar portion fear a further decline in living standards in the coming years. Only a small fraction, 11 percent, have confidence in a positive direction.
Economic factors such as high inflation rates, influenced by the pandemic’s credit expansion and exacerbated by the Ukraine crisis, have compounded the issue. Consequently, the European Central Bank (ECB) has hiked interest rates to curb inflation, inadvertently squeezing disposable incomes.
Efforts to Stabilize the Economy
The ECB has prioritized controlling inflation as a means to safeguard living standards. In Cyprus, the government has intervened by subsidizing basic goods and energy – measures that appear insufficient as living standards continue to fall. The silver lining lies in the inflation forecast for Cyprus, projected at a manageable 2.5 percent, with hopes pinned on potential interest rate adjustments by the ECB later in the year.
Real Estate: A Double-Edged Sword
The real estate market, particularly in cities like Limassol, has witnessed skyrocketing prices, rendering housing unaffordable for many locals. This can be attributed to the city’s economic success and the influx of foreign businesses, which have also driven up rent costs. While this trend benefits the economy, it also contributes to the pessimism surrounding living conditions.
However, it’s worth noting the positive impact that foreign professionals have had on Cyprus’s economy, helping it maintain growth despite global challenges. This dynamic suggests that while the present may be tough, Cypriots may eventually see an upturn in living standards.
How do Cypriots view their living standards based on the Eurobarometer survey results?
According to the Eurobarometer survey, a majority of Cypriots hold a pessimistic view of their living standards, with 63% reporting a decline over the past five years, surpassing the EU average of 45%. Many anticipate further deterioration in the near future, reflecting widespread pessimism about economic prospects.
What percentage of Cypriots expect a decline in their living standards in the future?
A majority of Cypriots, approximately two-thirds of the population, fear a further decline in living standards in the coming years. This sentiment reflects the overall pessimism about economic prospects in the country, as highlighted by the Eurobarometer survey.
How is the real estate market impacting living standards in Cyprus?
The real estate market in cities like Limassol has experienced significant price increases, making housing unaffordable for many locals. While this trend benefits the economy due to the influx of foreign businesses, it contributes to the overall pessimism surrounding living conditions in Cyprus.
What efforts are being made to stabilize the economy in Cyprus?
The European Central Bank (ECB) has taken measures to control inflation, a key factor affecting living standards in Cyprus. The government has also intervened by subsidizing basic goods and energy. However, these efforts may not be sufficient as living standards continue to decline. There are hopes for potential interest rate adjustments by the ECB later in the year to address the situation.
