In 2020, family consumption expenditure within the EU decreased by an unprecedented 8% in 2020 in contrast with 2019, in line with information printed by Eurostat, the EU’s statistical workplace, on Friday. With a drop of 14.1% in expenditure Cyprus ranks fifth within the EU.
That is the most important annual discount recorded because it has been measured and it’s because of the results of the COVID-19 pandemic and the consequences that restrictive measures within the member states have had on family consumption expenditure.
The general discount in family consumption expenditure is considerably bigger than the EU common. All member states recorded decreases, whereas Cyprus ranks fifth.
Most predominant decreases in family consumption had been recorded in Malta (22.0 %), adopted by Croatia (16.2%), Spain (15.8%), Greece (15.6%) and Cyprus (14.1%).
Alternatively, the smallest decreases had been noticed in Slovakia (2.3%), Denmark (2.4%), Lithuania (2.8%) and Poland (3.3%).
The biggest decreases in family consumption expenditure had been noticed for “eating places and motels” (38% lower in contrast with 2019), “clothes and footwear”, “transport” and “recreation and tradition” (all lowered by 17%).
Reductions had been additionally recorded for “schooling”, “miscellaneous items and providers”, “well being” and to a smaller extent “furnishings, family tools and routine family upkeep”.
Alternatively, the most important will increase had been recorded for ‘meals and non-alcoholic drinks’ (3%) and ‘communications’ (2%).
A small enhance was additionally recorded for the class “housing, water, electrical energy, gasoline and different fuels”.
In 2020, over 1 / 4 (26%) of family consumption expenditure was dedicated to “housing, water, electrical energy, gasoline and different fuels”, making it the EU`s largest family expenditure merchandise, forward of “meals and non-alcoholic drinks” (15%) and “transport” (12%).
Cyprus was one of many nations with the bottom ranges of family expenditures within the class of “housing, water, electrical energy, gasoline and different fuels”.
The best ranges of family expenditure had been present in Slovakia (30.7%), Finland (30.5%) and Denmark (28.9%), whereas the bottom ranges had been noticed in Lithuania (15.5%), Malta (16.8%) and Cyprus (18.0%).
Cyprus additionally ranks third amongst EU member states concerning the scale of family expenditure as a ration to GDP in 2020.
The best ranges of family expenditure had been present in Greece (70.3% of GDP), Croatia (65.7%) and Cyprus (64.7%), whereas the bottom ranges had been present in Eire (24.5%), Luxembourg (30.8%), the Netherlands (41.5%) and Sweden (42.7%).