Insider Economy Prices rose by 32.8% since 2000 - Statistical Service

Prices rose by 32.8% since 2000 – Statistical Service

Consumption expenditure in Cyprus has increased gradually following a decline in the period of the financial crisis, during which employment in the Services sector also increased. Meanwhile Cyprus is among EU’s member states with a small increase in the prices of products and services.

These are some of the statistics included in the Statistical Service’s publication “The European economy since the start of the millennium -a statistical portrait”, published on the occasion of Europe Day, celebrated on 9 May.

Cystat said that in the period between 2000 and 2017, consumption expenditure in Cyprus varied significantly, contrary to the European Union where no major fluctuations were noted.

Between 2001 and 2006, consumption expenditure in Cyprus ranged from 3.5% to 6.0%, while in 2007 and 2008 it saw a strong increase of around 8%.

From 2009 to 2014, consumption expenditure was strongly affected by the financial crisis, recording a decline of up to 5.5% (with the exception of 2010). Since then, the annual increase in consumption expenditure has progressively recovered to reach 3.9% in 2017.

Price Levels

The overall price increase in the European Union and in the Eurozone between 2000 and 2017 was 36.6% and 33.8%, respectively.

Cyprus, with a price change of 32.8%, was among the countries that saw a small increase in prices. The smallest increase was recorded in Sweden with 29.1%, while Romania saw the largest with 257.0%.

Prices of products and services have a direct impact on the economy but also on the living standards of households.

Employment in Services

Employment in Services, the most important sector of the economy, both in the European Union and in Cyprus, as a percent of total employment in the European Union, recorded a continuous increase from 66.1% to 74.0% between 2000 and 2017.

In the period 2000-2009, the employment rate in the Services sector in Cyprus was stable at around 73%, but increased to 80% during the years of the economic crisis, 2010-2014, and has remained stable since then.

Interested in more information

For more information on the evolution of the economy in Cyprus, in the other EU countries and the EU average, you may consult the digital publication “The European economy since the start of the millennium – a statistical portrait”, which presents easily understandable statistics through short texts, graphs and interactive visualisation tools.

Top Stories

Eight new coronavirus cases detected out of 2,893 tests

The Ministry of Health has announced that 8 new cases of the SARS-CoV-II virus were detected in Cyprus over the past 24 hours out...

Omonia: 60 people to self-isolate due to covid case

Omonia's delegation, that travelled to Athens for the first match with Olympiakos in Faliro in the context of the Champions League playoffs (0-2 defeat),...

Two journalists stabbed near Charlie Hebdo’s old offices – France opens anti-terror probe

France opened an anti-terror investigation after two journalists were stabbed in Paris on Friday near the former offices of the Charlie Hebdo satirical magazine...

UK’s Tesco blocks bulk-buying of toilet roll and flour

Britain's biggest supermarket Tesco will prevent customers from bulk-buying flour, pasta, toilet rolls and anti-bacterial wipes to prevent a re-run of the COVID-19 stockpiling...

COVID-19: Average age in Cyprus is 39 (tables)

Here are the infographics, by the Ministry of Health, with statistics on the course of the coronavirus until September 22nd. The average age in...

Taste

Sheftalies

Sheftalies, a very tasty dish from the charcoal grill, are minced meat shaped into small sausages and wrapped in “panna” (suet). Panna is a...

Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...

Souvlakia

Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...