Household Spending in Cyprus Has Increased by Nearly 40% Over the Last Decade

Household expenses in Cyprus have surged by almost 40% since 2015, according to the latest Household Budget Survey (HBS) published by the Cyprus Statistical Service (Cystat).

The data shows that in 2023, the average annual household expenditure reached €43,263. A decade earlier, in 2015–2016, this figure was significantly lower at €31,206—marking a 38.6% increase over the years.

Spending has risen across both urban and rural areas.

In cities, the average annual household expenditure in 2023 stood at €44,548—up 39.7% from €31,884 in 2015–2016. In rural areas, spending increased by 36.2%, rising from €29,740 to €40,505.

Expenses grew across all major categories of goods and services, except for healthcare, which saw a 26.4% decline. This drop is attributed to the introduction of the General Healthcare System (Gesy), which reduced the need for private medical services.

The most significant rise was recorded in the "Insurance and Financial Services" category, which jumped by 126.5%, mainly due to increased household contributions to the Gesy system. The hospitality sector also saw a major spike, with spending on restaurants and accommodation rising by 71.5%. Meanwhile, housing-related costs—including rent, utilities, and maintenance—went up by 49.2%.

Food and non-alcoholic beverages accounted for 14.5% of household spending in 2023, slightly lower than 15.3% a decade ago.

Transportation expenses made up 11.6% of total spending.

The smallest portion of household budgets went toward alcoholic beverages and tobacco, accounting for just 1.4% of overall expenditures.

The survey, conducted in accordance with Eurostat methodology, aims to track spending trends and consumer habits over time. A total of 2,985 households participated in the 2023 study.