Consumption was infected by the coronavirus in the European Union with our country not remaining unaffected. According to Eurostat data released today, Friday, the household consumption expenditure in the EU in 2020 recorded an unprecedented decrease, by 8%, compared to 2019.
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 1/4 (26%) of household consumption expenditure was spent on necessities, ie “housing, water, electricity, gas and other fuels”, making them the largest item of EU household expenditure, ahead from “food and non-alcoholic beverages” (15%) and “transport” (12%).
Great reduction of consumer spending in Greece as well
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%).
.
