Cyprus records second highest increase in consumer spending, Eurostat finds

Cyprus, showed the second highest increase in consumer spending since 2020, signalling partial recovery from the pandemic, according to data published by the European statistics agency.

Specifically, in 2021 Cyprus recorded an increase in consumer spending of 12.9 per cent compared to 2020, however, spending remained reduced by 5 per cent compared to 2019.

Spending by households EU-wide increased by 4.2 per cent in 2021 compared to 2020 but remained 4.1 per cent lower than in 2019 and the period before the pandemic.

All member states recorded an increase but in 16 of the 28 member states consumer spending has not fully recovered.

The largest increase in 2021 was recorded in Croatia (21.2 per cent), followed by Cyprus, Malta (11.2 per cent), Greece (10.8  per cent) and Slovenia (10.2 per cent).

The smallest increases over the same period were recorded in Germany (0.1 per cent), Austria (0.5 per cent), Slovakia (1.3 per cent), the Netherlands (3 per cent) and the Czech Republic (3.5 per cent).

The largest decrease in consumer spending in 2021 compared to 2019 was recorded in Malta (-14 per cent), followed by Spain (-9.7 per cent), Austria (-8.4 per cent), Portugal (-6.8 per cent) and Italy (-6.7 per cent).