Cyprus’ wholesale and retail sector recovers with €14.6 billion sales volume

Cyprus’ wholesale and retail sector experienced a notable rebound in 2021, recording a 15.2 per cent increase in business volume compared to the challenging year of 2020, which was marred by strict Covid-19 restrictions.

According to a report released this week by the state’s statistical service, the total business volume reached an impressive €14.6 billion, reflecting the sector’s resilience and recovery.

Moreover, the wholesale and retail trade, as well as the repair of motor vehicles and motorcycles, saw a 14.3 per cent increase in business volume, amounting to €1.03 bn.

Wholesale trade experienced a significant 20.1 per cent rise, reaching €7.05 bn, while retail trade saw a growth of 10.4 per cent, totalling €6.51 bn.

The sector’s value-added production reached €3.9 bn in 2021, representing a remarkable 20.2 per cent increase compared to the previous year.

Furthermore, across the entire commercial sector, the added value in current prices, which accounts for production expenses, administrative costs, and rentals paid for buildings and machinery, increased by 21.4 per cent to €2.51 bn in 2021, up from €2.07 bn in 2020.

In the wholesale and retail trade, including the repair of motor vehicles and motorcycles, the added value increased by 16.6 per cent, amounting to €218.6 million.

Moreover, wholesale trade saw a substantial rise of 28.5 per cent, reaching €1.1851 bn, while retail trade witnessed a growth of 15.6 per cent, totalling €1.1135 bn.

Meanwhile, employment in the sector increased by 1.9 per cent in 2021, with a total of 73,500 individuals employed, compared to 72,100 in 2020.

The trade and repair of motor vehicles and motorcycles employed 9,100 people, wholesale trade employed 25,000 individuals, and retail trade provided jobs for 39,300 individuals, according to the Cyprus Statistical Service.

The positive performance of Cyprus’ wholesale and retail sector in 2021 indicates a notable recovery from the challenges posed by the Covid-19 pandemic.