In 2020, household consumption expenditure in the EU decreased by an unprecedented 8% in 2020 compared with 2019, according to data published by Eurostat, the EU’s statistical office, on Friday. With a drop of 14.1% in expenditure Cyprus ranks 5th in the EU.
This is the largest annual reduction recorded since it has been measured and it is due to the effects of the COVID-19 pandemic and the effects that restrictive measures in the member states have had on household consumption expenditure.
The overall reduction in household consumption expenditure is significantly larger than the EU average. All member states recorded decreases, while Cyprus ranks fifth.
Most predominant decreases in household consumption were recorded in Malta (22.0 %), followed by Croatia (16.2%), Spain (15.8%), Greece (15.6%) and Cyprus (14.1%).
Source: Cyprus News Agency