Cyprus retail sector booms in March
Cyprus’ retail sector experienced a significant upturn in March 2024, according to a report from the Cyprus Statistical Service (Cystat) released on Thursday.
The report disclosed a 5.5 per cent increase in the retail trade turnover value index compared to March of the preceding year, while the retail trade turnover volume index saw a rise of 5.2 per cent during the same period.
Moreover, it added that for the January-March 2024 period, the Value Index is estimated to have increased by 5.4 per cent and the Volume Index by 4.9 per cent compared to the same period in 2023.
According to Cystat, notable percentage increases in the retail trade turnover value index compared to March 2023 were observed in various categories.
These included food, beverages, and tobacco in specialised stores (13.2 per cent), pharmaceuticals and orthopaedic goods, cosmetics (11.8 per cent), and educational and recreational equipment (10.5 per cent).
Conversely, the largest decrease was noted in non-store retail trade (-13.4 per cent).
Similarly, substantial increases in the retail trade turnover index compared to March 2023 were evident in specific categories.
These comprised educational and recreational equipment (10.5 per cent), food, beverages, and tobacco in specialised stores (10.4 per cent), and pharmaceuticals, orthopaedic goods, and cosmetics (9.7 per cent).
Once again, the most considerable decrease was registered in non-store retail trade (-13.4 per cent).