The average annual household consumption expenditure in 2023 amounted to €43,263, compared to €31,206 in 2015/2016, marking an increase of 38.6%, according to the results of the 2023 Household Budget Survey published on Friday by the Statistical Service.

Specifically, the report states that in urban areas, the average annual consumption expenditure per household in 2023 reached €44,548, up from €31,884 in 2015/2016, recording a 39.7% increase. Similarly, in rural areas, the average annual household consumption expenditure in 2023 reached €40,505, compared to €29,740 in 2015/2016, reflecting an increase of 36.2%.

An increase in spending was recorded across all major categories of goods and services compared to 2015/2016, with the exception of the "Health" category, where a decrease of 26.4% was observed. The largest increase was recorded in the "Insurance and Financial Services" category, where spending rose by 126.5%. It is noted that these two categories are linked, as the reduction in health spending is attributed to the implementation of the General Health System (GHS), while the significant increase in the "Insurance and Financial Services" category is due to household contributions to the GHS.

A notable increase was also recorded in the "Restaurants and Accommodation Services" category, where spending rose by 71.5%, as well as in the "Housing" category, which saw an increase of 49.2%.

The largest share of household annual budgets was allocated to housing (27.5%), followed by food items (14.5%) and transport (11.6%). In contrast, the smallest share was recorded in the "Alcoholic Beverages and Tobacco" category (1.4%).

Similar consumer trends were observed in 2015/2016, with the respective shares at 25.5%, 15.3%, 12%, and 1.6%.