23/11/2023 14:49
Ηousehold final consumption expenditure in Cyprus increased by 11.8% in 2022, compared with 2021 (while increasing by 4.7% in the EU), according to data released by Eurostat, the statistical service of the European Union.
In 2020, this indicator had fallen in Cyprus compared to 2019 (-15.9% after having increased slightly by 2.1% in 2019), and started increasing again annually in 2021 (by 13.6%).
In the EU, this indicator had dropped compared to 2019 (-7.9% after having increased by 1.5% in 2019), and started increasing again annually in 2021 (by 4.8%).
Compared with 2021, significant growth of household consumption was observed in 2022 in the EU for goods and services that unprecedentedly dropped in 2020, due to the COVID-19 pandemic.
Εxpenditure for restaurants and hotels increased in 2022, in volumes by 33.8%, for recreation and culture by 14.7%, for clothing and footwear by 11.5%, and for transport by 4.7%. Household consumption increased for all categories except for food and non-alcoholic beverages (-3.1%) and alcoholic beverages, tobacco (-1.0%).
In Cyprus, according to provisional data, expenditure for restaurants and hotels increased in volumes by 27.9%, for transport by 14.1%, for clothing and footwear by 11.9% and for recreation and culture by 11.4%. Increases were also recorded for alcoholic beverages, tobacco (6.1%) and food and non-alcoholic beverages (5.0%).
Although household consumption exceeded pre-COVID levels in 2022, certain categories still lagged behind pre-COVID figures in the EU. Specifically, in 2022, household consumption was still below 2019 volumes for transport (-7.8%), restaurants and hotels (-2.4%), and education (-1.5%).