Cyprus Business Now

The Retail Trade Turnover Value Index increased by 11.4 per cent in July 2022, compared to the corresponding month of the previous year, while the Retail Trade Turnover Volume Index increased by 1.5 per cent year-on-year, according to a report released on Thursday by the Cyprus Statistical Service (Cystat).

The largest increase in value was observed in the retail trade of gas station fuel sales, with a 26 per cent increase from July 2021.

This was followed by textiles, clothing and footwear with a 13.8 per cent increase, as well as electrical household goods appliances, furniture, lighting, and building materials with 12.4 per cent.

Conversely, gas station fuel sales experienced the largest decline in terms of volume, recording a 14.4 per cent decrease in July 2022 compared to July 2021.

The largest increase in terms of volume was recorded in the sales of textiles, clothing and footwear, with 11.5 per cent.

Between January and July 2022, the value index is estimated to have increased by 11.9 per cent, with the largest change recorded in the retail trade of gas station fuel sales, which rose by 37.5 per cent year-on-year.

In the same period, the volume index recorded an increase of 2.3 per cent compared to the corresponding period of 2021, with textiles, clothing and footwear recording the largest increase with 21.6 per cent.

The growth rate of the Cyprus economy is estimated to have reached 5.8 per cent during the second quarter of 2022, compared to the corresponding quarter of 2021, according to a report published on Thursday by the Cyprus Statistical Service (Cystat).

In addition, after adjusting GDP for seasonality and working days, the growth rate is estimated at 6.1 per cent.

According to the report, the positive GDP growth rate has been primarily attributed to strong activity across a number of sectors.

These include hotels and restaurants, transport and storage, information and communications, wholesale and retail trade, the repair of motor vehicles, as well as the arts and entertainment sector.

The Cyprus Stock Exchange (CSE) ended Thursday, September 1 with profits.

The general Cyprus Stock Market Index was at 73.38 points at 13:13 during the day, reflecting a rise of 0.66 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 44.00 points, which represents an increase of 0.64 per cent.

The total value of transactions came up to €39,963.

In terms of the sub-indexes, the main, alternative and hotel indexes rose by 0.77 per cent, 0.09 per cent and 1.03 per cent respectively. The investment firm index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+2.39 per cent) and Constantinou Bros Hotels (+10 per cent).