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.
Consumption expenditure progressively recovering
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.
Small increase in prices
The overall price increase in the European Union and in 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 rises to 80%
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.