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Cyprus Consumer Spending Slows Amid Shifting Energy and Housing Expenditures

Recent Eurostat data reveal that nearly 18% of Cypriot household expenditures are allocated to housing, water, electricity, and fuels. This slowdown in consumer spending growth contrasts sharply with trends across the European Union, where spending is accelerating. Adjusted for inflation, Cypriot household expenditures increased by 1.5% compared to a modest 0.3% rise in 2023, while Eurozone figures improved from 0.5% to 1.3% in the same period.

Comparative Analysis Across the European Union

Despite a marked slowdown in Cyprus—from an annual growth rate of 6.1% in 2023 to 3.6% in 2024—the nation still ranks fourth in household spending relative to GDP at 61.6%, trailing only Greece (75.3%), Croatia (70.5%), and Portugal (66%). Across the EU, the most significant spending increases were recorded in Malta (+8.8%), Romania (+5.6%), and Hungary (+5.3%), whereas Finland experienced a slight contraction of 0.5% in 2024.

Breakdown Of Expenditure Categories

European households continue to dedicate the largest share of their budgets to housing, utilities, natural gas, and other fuels. Countries such as the Czech Republic (32.1%), Finland (29.6%), and Denmark (28.5%) lead in this category, while Croatia (14.4%), Malta (15.1%), and Latvia (15.8%) report significantly lower proportions. In Cyprus the share for these critical expenses is slightly higher at 17.8%, with Greece following at 21.8%.

Food and nonalcoholic beverages also command substantial household budgets. Romania tops this segment with 23.1% of expenditures, followed closely by Bulgaria and Latvia (both at 20.1%), and Slovakia (19.7%). On the lower end, Luxembourg (9.3%), Ireland (9.8%), and Austria (10.2%) report the smallest proportions, while Cyprus’ allocation stands at 12.5%.

Meanwhile, transportation expenses vary considerably. Slovenia (17.0%), Lithuania (15.2%), and Germany (14.2%) represent the greater extents of spending, while Slovakia (5.8%), Croatia (8.2%), and the Czech Republic (8.5%) show lower shares.

Economic Recovery And Shifts In Consumer Behavior

The broader European picture demonstrates the lingering impact of recovery since 2022. While categories such as dining and accommodation, along with transportation, continued to grow in 2024 following robust gains in previous years, the pace has moderated. Conversely, spending on clothing, footwear, alcoholic beverages, tobacco, and other substances has experienced a downward adjustment.

In aggregate, household spending in the EU reached 51.8% of GDP in 2024—a minor decline from 51.9% in 2023—and is 2.2 percentage points lower than the 54.1% recorded in 2014. These shifts signal recalibration in consumer priorities as economies transition through post-pandemic recovery phases.

Polymarket Confirms User Funds Stolen In Third-Party Security Breach

Prediction market platform Polymarket said hackers stole funds from an unspecified number of users after compromising a third-party vendor and injecting malicious code into the company’s website.

What Polymarket Says Happened

In a post on X on Thursday, Polymarket said the incident affected “some users” and that it has since contained the breach. The company added that it is contacting affected customers and will refund them in full.

As of Thursday afternoon, however, the full scope of the incident remained unclear. A Polymarket spokesperson confirmed that the breach resulted in the theft of user funds but declined to provide additional details.

Reports Point To Phishing And Crypto Losses

Around the same time as Polymarket’s disclosure, blockchain monitoring firm PeckShield reported on X that a phishing campaign targeting Polymarket users was underway. According to the firm, approximately $3 million in cryptocurrency was stolen.

A blockchain analyst also reported similar losses, claiming the funds had been taken from more than 11 victims. Because Polymarket allows users to deposit cryptocurrency, account security remains a key consideration for its users.

Another Setback For A Company Under Pressure

The security incident comes during a difficult week for the company. On Sunday, an investigation revealed that Polymarket had paid online creators to publish deceptive videos portraying fake betting wins as genuine. In response, the company said it would audit its promotional content.

In recent days, two users also claimed on social media that funds had been stolen from their Polymarket accounts, adding to concerns over the platform’s security and user trust.

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