Cyprus retail trade booms in June 2023

Cyprus’ retail trade boomed in June 2023, with both volume and value seeing a significant increase when compared to the same month in 2022.

The Retail Trade Value Index rose by 8.4 per cent during June 2023, according to a report released by the Cyprus Statistical Service on Tuesday.

The highest increase in value was observed in the retail trade of food, beverages, and tobacco (in specialised stores), with a growth of 17.9 per cent.

Following closely was the trade of electronic computers, telecommunications equipment, curtains, carpets, books, stationery, sporting equipment, toys, flowers, plants, watches, jewellery, and more, with an increase of 15.3 per cent.

Edible products and textiles, clothing, and footwear also experienced growth, registering a 13.3 per cent increase in value.

On the other hand, the retail trade of vehicle fuels in specialised stores decreased by 17.6 per cent in value.

Additionally, the Retail Trade Volume Index increased by 6.4 per cent during the same month compared to the previous year.

The trade of electronic computers, telecommunications equipment, curtains, carpets, books, stationery, sporting equipment, toys, flowers, plants, watches, jewellery, and more saw the highest increase, reaching 12.5 per cent.

This was followed by the trade of textiles, clothing, and footwear with a 9.3 per cent growth and non-edible products (excluding vehicle fuels) with an 8.6 per cent increase.

It is worth noting that the retail trade of vehicle fuels in specialised stores also increased by 7.7 per cent in volume during June.

For the period from January to June 2023, the Retail Trade Value Index showed an overall increase of 11.5 per cent, while the Retail Trade Volume Index grew by 7.4 per cent.