Covid caused 'unprecedented hit' to household spending across Europe

Eurostat said that social distancing measures, government restrictions imposed on the movement of people and non-essential economic activities severely affected household consumption expenditure. Picture: Larry Cummins

The amount of money spent by households on goods and services across Europe fell by 8% in 2020 - an "unprecedented hit" compared to the previous year, according to Eurostat.

The data analysis wing of the European Commission said the 8% drop is the largest annual reduction recorded since it has been measured, due to the effects of the Covid-19 pandemic.