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Cyprus: Significant Decrease of Annual Income

euroIt appears that the economic situation of 75% of households in Cyprus has worsened compared to last year, forcing Cypriots to cut back on fun, clothing and travel expenses.
The company, Prime Consulting, conducted a survey on behalf of the Cypriot news program “Protoselido sto Sigma.” The survey findings brought to light the tragic truth that Cypriot people are faced with due to the country’s declining economy.
Approximately 75% of Cypriot households are worse off than they were last year. Seven out of ten households are living with less money than they did a year ago, while seven out of ten people receive a deducted salary.
The survey was conducted with a sample of 1000 individuals using a structured questionnaire between January 28, 2014 to January 31, 2012.
When asked if they were forced to make cut backs on their way of living, citizens replied that they mostly had to reduce entertainment, travel and clothing expenses. Meanwhile, 5.6% of households stated that they didn’t have to reduce spending and were able to continue living with the same expenses as last year.

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