Retail Sector Growth in Cyprus
The retail sector in Cyprus has shown a robust performance in March 2024, as recent figures from the Cyprus Statistical Service (Cystat) indicate a positive trend in the industry. The report, which was published on Thursday, highlighted a substantial increase in both the retail trade turnover value and volume indexes.
Specifically, the retail trade turnover value index climbed by 5.5 percent compared to the same month in the previous year. This growth was closely mirrored by a 5.2 percent rise in the retail trade turnover volume index during the same comparison period. The first quarter of the year also reflected this upward trajectory, with the Value Index up by 5.4 percent and the Volume Index by 4.9 percent against the January-March period of 2023.
Diving deeper into the data, Cystat’s report revealed that certain segments within the retail sector outperformed others. Noteworthy increases in the retail trade turnover value index were recorded in food, beverages, and tobacco sold in specialised stores, which saw a significant jump of 13.2 percent. This was followed by pharmaceuticals and orthopaedic goods, along with cosmetics, which experienced an 11.8 percent increase. Educational and recreational equipment also enjoyed a healthy boost with a 10.5 percent rise.
On the flip side, the sector that faced challenges was non-store retail trade, which underwent a decline of 13.4 percent in both turnover value and volume indexes compared to March of the preceding year.
Similarly, the categories that led the surge in the retail trade turnover volume index included educational and recreational equipment and food, beverages, and tobacco in specialised stores, both witnessing over a 10 percent increase. Pharmaceuticals, orthopaedic goods, and cosmetics were not far behind with a 9.7 percent rise.
The data from Cystat paints an optimistic picture for Cyprus’ retail sector as it continues to recover and expand amidst a dynamic market landscape. The growth across various categories signals consumer confidence and a willingness to spend within key segments of the market.
