News Local What do Cypriots spend their money on?

What do Cypriots spend their money on?

Cyprus is among the countries which have the lowest share of household expenditure on housing, water, electricity and fuels in the EU, a Eurostat report found.

In 2017, 15.4% (€2,306.9 billion) of Cypriot households’ expenditure went to housing, a percentage significantly lower than the EU average of 24.2%.

The share of household expenditure devoted to housing was largest in Finland (28.8%), Denmark (28.7%) and the United Kingdom (26.7%). They were followed by France (26.2%), Sweden (26.1%) and Czechia (25.4%). At the opposite end of the scale, Malta (10.1%) and Lithuania (14.8%) and Cyprus spent the lowest share of their household expenditure on housing.

However, between 2007 and 2017, the share of “housing, water, electricity, gas and other fuels” in total household expenditure grew by 4.6 percentage points in Cyprus, the percentage was at 10.8% (€1,895.9 billion).

 

Cypriots spend more of their money on hotels than any other Europeans

Besides housing, Cypriot households spent most of their money on food (12.4%), restaurants and cafes (8.7%), alcohol and tobacco (5.6%). The share of Cypriot household expenditure on these items was higher than the EU average.

What was impressive in Eurostat’s findings was that Cyprus recorded the highest share of household expenditure for hotels (8.8% of total expenditure) among the EU 28. The EU average was 1.7%.

Share of expenditure on housing increased in most member states

Between 2007 and 2017, the share of “housing, water, electricity, gas and other fuels” in total household expenditure grew in most Member States.

The highest increase over this 10-year time period was recorded in Finland (from 24.0% of total household expenditure in 2007 to 28.8% in 2017, or a rise of 4.8 percentage points – pp), ahead of Portugal (+3.8 pp), the Netherlands (+3.7 pp), Ireland (+3.5 pp), Bulgaria (+3.4 pp) and Spain (+3.0 pp).

In contrast, the share of “housing, water, electricity, gas and other fuels” in total household expenditure dropped between 2007 and 2017 in Slovakia (from 26.3% in 2007 to 23.7% in 2017, or a decrease of 2.6 pp), followed by Estonia (-1.0 pp), Poland (-0.8 pp), Germany and Malta (both -0.7 pp), Hungary (-0.5 pp) and Sweden (-0.1 pp), while it remained stable in Latvia.

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