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09-05-2019 11:50

Announcement of the Statistical Service on Europe Day – 9 May

In the context of Europe Day celebrations, the Statistical Service presents some of the interesting statistics included in the publication "The European economy since the start of the millennium - a statistical portrait". How has the European Union economy evolved since 2000? Does Cyprus compare positively or negatively with the other member states? These are some of the questions answered. Source of data is Eurostat, the Statistical Office of the European Union.

Consumption Expenditure

In the period from 2000 to 2017, consumption expenditure in Cyprus varied significantly, contrary to the European Union where no major fluctuations were observed. Between 2001 and 2006, consumption expenditure in Cyprus ranged from 3,5% to 6,0%, while in 2007 and 2008 a strong increase was observed, around 8%. From 2009 to 2014, consumption expenditure in Cyprus was strongly affected by the financial crisis, recording a decline of up to -5,5% (with the exception of 2010). Since then, the annual increase in consumption expenditure has progressively recovered and reached 3,9% in 2017.

Price Levels

Prices of products and services have a direct impact on the economy but also on the living standards of households. The overall price increase in the European Union between 2000 and 2017 was 36,6% and in the Eurozone countries 33,8%. Cyprus, with a price change of 32,8%, is among the countries with a small increase in prices. The smallest increase was recorded in Sweden with 29,1%, while in Romania the largest with 257,0%.

Employment in Services

Services is the most important sector of the economy, both in the European Union and in Cyprus. From 2000 to 2017, the proportion of employees in the Services sector in total employment in the European Union, recorded a continuous increase from 66,1% to 74,0%. In the period 2000-2009, the employment rate in the Services sector in Cyprus was stable at around 73%. During the years of the economic crisis, 2010-2014, there has been an increase to 80% and it has remained stable since then.

Interested in more information

For more information on the evolution of the economy in Cyprus, in the other EU countries and the EU average, you may consult the digital publication “The European economy since the start of the millennium - a statistical portrait”, which presents easily understandable statistics through short texts, graphs and interactive visualisation tools. Readers can also test their knowledge in a quiz.