European households spent 8% less in 2020 than during the preceding year due to the pandemic restrictions on non-essential economic activities, the European Statistical Office (Eurostat) said on Monday
MOSCOW (Pakistan Point News / Sputnik - 17th January, 2022) European households spent 8% less in 2020 than during the preceding year due to the pandemic restrictions on non-essential economic activities, the European Statistical Office (Eurostat) said on Monday.
"In 2020, household consumption expenditure in the EU decreased by an unprecedented 8% compared with 2019. In fact, all the EU Member States recorded a decrease in household consumption expenditure," Eurostat said.
The largest annual reduction in the household consumption expenditure was recorded in Malta with 22%, followed by Croatia, Spain and Greece with about 16% each. On the other hand, the smallest decrease was reported in Slovakia and Denmark with 2%.
Utilities, such as housing, water, electricity and gas, accounted for 25.7% of the total household expenditure. At the same time, the largest decreases in household consumption expenditure were observed for the restaurants and hotels category (-38% compared with 2019), clothing and footwear, transport and recreation (all -17%), Eurostat said.
The drop in consumption has been attributed to the EU-wide COVID-19 restrictions, limiting the movement of people and recreation opportunities, the report said.
