Cyprus’ Index of Trade and Repair Activities of Motor Vehicles witnessed a surge of 30 per cent on an annual basis in 2023, primarily reflecting the increased prices, particularly in the used car market.

According to a report released on Friday by the Cyprus Statistical Service (Cystat), the index in the economic activity of Motor Vehicle Sales stood at 193.3 units in the last quarter of 2023, marking a 42 per cent increase on an annual basis.

Moreover, for the entire year of 2023, the increase amounted to 30 per cent.

In addition, year-on-year increases of 12.3 per cent and 11.8 per cent were recorded in 2023 for the maintenance and repair of motor vehicles, and the activities related to the sale of parts and accessories for motor vehicles, respectively.

Furthermore, a 24.5 per cent annual increase was reported in 2023 for the sales, maintenance, and repair of motorcycles, their parts and accessories, with the index reaching 178.2 units in the last quarter of 2023.