Eurostat: Cyprus household consumption spending rose 11.8% in 2022

11:03 - 24 November 2023

Economy

Household final consumption expenditure in Cyprus increased by 11.8% in 2022 compared with the year before, Eurostat.

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 the indicator increased 4.7% y-o-y. It 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, which had unprecedentedly dropped in 2020 due to the COVID-19 pandemic.

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%).

Eurostat: Cyprus household consumption spending rose 11.8% in 2022

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