Mean annual household consumption expenditure up 38.6% in 8 years

The mean annual consumption expenditure per household in 2023 amounted to €43,263, compared to €31,206 in 2015/2016, recording an increase of 38.6%, based on the results of the Household Budget Survey 2023, published by CySTAT.

In the urban areas, the mean annual consumption expenditure per household in 2023 amounted to €44,548, compared to €31,884 in 2015/2016, recording an increase of 39.7%. Similarly, in the rural areas, the mean annual consumption expenditure per household in 2023 amounted to €40,505, compared to €29,740 in 2015/2016, recording an increase of 36.2%.

In all main categories of goods and services, there was an increase in expenditure compared to 2015/2016, with the exception of the category of "Health", where a decrease of 26.4% was recorded. The largest increase was recorded in the category "Insurance and financial services", where the expenditure increased by 126.5%. The Statistical Service notes that these two categories are linked, as the reduction in expenditure on health is attributed to the implementation of the General Healthcare System (GHS), while the significant increase in the category "Insurance and financial services" is due to the contributions of households to the GHS.

A significant increase was also recorded in the category of "Restaurants and accommodation services", where expenditure increased by 71.5%, and in the category of "Housing", where the increase amounted to 49.2%.

The largest share of the household annual expenditure corresponds to housing (27.5%), followed by food and non-alcoholic beverages (14.5%) and transport (11.6%). On the contrary, the smallest percentage is recorded in the alcoholic beverages and tobacco category (1.4%).

Similar consumption patterns were observed in 2015/2016, with the corresponding percentages being 25.5%, 15.3%, 12% and 1.6%, respectively.

(Source: CNA)