Household consumption expenditure in the EU in 2020 recorded an unprecedented decrease, by 8%, compared to 2019, according to Eurostat data released today.
According to Eurostat, this decrease is due to the effects of the COVID-19 pandemic and in particular to social distance measures, travel restrictions and non-core economic activities that have seriously affected household consumption expenditure.
The largest reductions in household consumption expenditures were observed for “Restaurants and hotels” (-38% compared to 2019), for “clothing and footwear”, for “transport” and “leisure and culture” (all – 17%). On the other hand, the largest increases were recorded in “food and non-alcoholic beverages” (+ 3%) and “communications” (+ 2%).
In 2020, more than a quarter (26%) of household consumption expenditure was on “housing, water, electricity, gas and other fuels”, making it the largest household expenditure item in the EU, ahead of “food and non-alcoholic beverages “(15%) and” transport “(12%).
Household consumption expenditure decreased in 2020 compared to 2019 in all EU Member States, with the largest decrease recorded in Malta (22%), Croatia (16.2%), Spain (15.8) %), Greece (15.6%) and Cyprus (14.1%).
The smallest reductions were recorded in Slovakia (2.3%), Denmark (2.4%), Lithuania (2.8%) and Poland (3.3%).
Source: AMPE
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Source From: Capital
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