Cyprus retail trade grows by 4.5 per cent in May

Retail trade in Cyprus saw an uptick in May 2024, with the turnover value index increasing by 4.5 per cent compared to the same month in the previous year, according to a report released this week from the Cyprus Statistical Service (Cystat).

In addition, during the same month, the volume index of retail trade recorded a 2.6 per cent year-on-year increase.

The first five months of 2024 also showed growth, with the value index rising by 5.3 per cent and the volume index by 4.2 per cent compared to the same period in 2023.

According to the data, the largest increases in the value index were recorded in the categories of food, beverages, and tobacco in specialised stores, which saw a 10.3 per cent rise in May 2024 compared to May 2023, and a 7.9 per cent rise for the January-May 2024 period.

Pharmaceuticals, medical goods, and cosmetics increased by 11.1 per cent in May 2024 and by 9.2 per cent in the first five months of 2024, while flowers, plants, watches, jewellery, and optical goods rose by 7.2 per cent in May 2024 and by 12 per cent for the January-May 2024 period.

Conversely, information and communication equipment saw a 4 per cent decline in May 2024 and a 3.8 per cent decline for the first five months of 2024, while other household equipment fell by 2.8 per cent in May 2024 but increased by 1.9 per cent for the January-May 2024 period.

What is more, retail trade outside of stores decreased by 19.5 per cent in May 2024 and by 11.5 per cent for the first five months of 2024.

The volume index also recorded significant increases in the category of food, beverages, and tobacco in specialised stores, which rose by 8.7 per cent in May 2024 and by 5.7 per cent for the January-May 2024 period.

Meanwhile, pharmaceuticals, medical goods, and cosmetics saw a 9 per cent rise in May 2024 and a 7.1 per cent rise in the first five months of 2024.

In contrast, automotive fuel experienced a 4.3 per cent decline in May 2024 but increased by 1.9 per cent for the January-May 2024 period.

Finally, retail trade outside of stores showed a 19.9 per cent decrease in May 2024 and a 12.1 per cent decrease for the first five months of 2024.