Cyprus Retail Trade Turnover Shows Robust Growth in September

The Retail Trade Turnover Index in Cyprus has registered a notable increase of 8.6% compared to the same month in the previous year, as reported by the Cyprus Statistical Service (Cystat) in its recent release. Additionally, the Retail Trade Turnover Volume Index exhibited growth, rising by 4.2% in comparison to September of the preceding year.

The purpose of the Retail Trade Turnover Index, excluding Motor Vehicles, is to provide insights into short-term developments in the retail sector. It encompasses the sales of goods and services by businesses during the reference period, excluding Value Added Tax (VAT) and incorporating duties and taxes. This data encompasses all enterprises with ten or more employees and a sample of smaller enterprises.

The total index is calculated by deriving the weighted average of partial indices for various categories within the retail trade, with weights derived from the results of the Wholesale and Retail Trade survey in the base year, reflecting the share of turnover for each category relative to the total turnover of the retail trade.

The data reveals that the most significant surge in the Retail Trade Turnover Value Index was witnessed in the retail trade of food, beverages, and tobacco (in specialized stores), marking a substantial increase of 16.3% compared to September 2022. Conversely, the most notable decline was recorded in the retail trade of automotive fuels in specialized stores, experiencing a 2.3% decrease compared to the previous September.

As for the Retail Trade Turnover Volume Index, the largest increase was observed in the textiles, clothing, and footwear sector, which saw growth of 7.9% compared to the same month the previous year. Conversely, the most significant decrease in this category was once again in the retail trade of automotive fuels in specialized stores, dropping by 1% compared to September the previous year.

These positive trends in the retail trade indices highlight a growing economic activity in the retail sector, reflecting the dynamics in Cyprus' consumer market in September 2023. The robust performance suggests consumer confidence and spending remain strong in the region.

By fLEXI tEAM