Cyprus retail trade turnover grows in May
07:58 - 02 July 2024
![shopping](/images/gYKSJytdwC6mQ86vQxUBJ9fZIRo=/743094/width-750/2024/01/03/shopping.jpg)
Retail trade in Cyprus demonstrated positive growth trends during May 2024, as indicated by the latest data from CySTAT.
The Turnover Value Index for the retail sector increased by 4.5% compared to May of the previous year. The Turnover Volume Index rose by 2.6% year-on-year for the same month.
From January to May 2024, the Value Index inreased by 5.3%, while the Volume Index showed an increase of 4.2% compared to the corresponding period in 2023.
The data reveal significant increases in specific retail categories. Notably, sales of food, beverages, and tobacco in specialized stores surged by 10.3% in May 2024 compared to May 2023. Over the first five months of the year, this category saw a solid growth of 7.9%. Similarly, pharmaceuticals, orthopedic goods, and cosmetics reported a notable increase of 11.1% in May 2024 and 9.2% for the January-May period.
However, certain sectors declined during May 2024. Specifically, sales of information and communication equipment decreased by 4%, reflecting a broader 3.8% decline for the January-May 2024 period. Additionally, sales of other household equipment fell by 2.8% in May 2024, though they managed a slight increase of 1.9% for the year-to-date.
Non-store retail trade, which includes online and other non-traditional retail channels, decreased significant by 19.5% in May 2024 and by 11.5% for the January-May period.
(Source: CNA)