Cypriot household expenditure declines in 2015-16

Household spending in the period 2015-2016 decreased significantly, according to the results of the Household Budget Survey 2015-2016, published on Thursday by the Statistical Service.

Recreation and culture, clothing and footwear and transport presented the biggest decrease in expenditure, the survey showed.

The average annual consumption expenditure per household for 2015-2016 amounted to €31,206, compared to €38,547 in 2009, recording a decrease of 19 per cent.

In urban areas the average annual consumption expenditure for 2015-2016 was €31,884 compared with €39,967 in 2009, recording a decrease of 20.2 per cent. Respectively, for rural areas the average annual consumption expenditure for 2015-2016 was €29,740 compared with €34,939 in 2009, declining by 14.9 per cent

Decreases were reported in all main expenditure categories of goods and services in relation to 2009, except for food and non-alcoholic beverages and education, that saw an increase of 1.0 per cent and 7.2 per cent respectively.

The biggest decrease in expenditure as compared to 2009, was recorded in recreation and culture where it reached 34.1 per cent, followed by clothing and footwear where a decrease of 31.5 per cent was registered. Transport saw the third biggest decrease with 30 per cent. A similar trend is observed in the urban and rural areas.

Among the twelve main categories of goods and services, housing holds the highest share of household annual expenditure with a 25.5 per cent, followed by food and non-alcoholic beverages (15.3 per cent) and transport (12 per cent), while the lowest percentage of spending was in alcoholic beverages and tobacco (1.6 per cent). Similar consumer trends occurred in 2009 with the corresponding rates being 26.6 per cent, 12.3 per cent, 13.9 per cent and 1.3 per cent.

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