Cyprus’ wholesale and retail trade sector recorded broad-based growth in 2024, with turnover, production value, value added and employment all increasing compared with the previous year, according to figures from by the Cyprus Statistical Service (Cystat).

Cystat said turnover across the wider trade sector rose by 5.0 per cent to €20.30 billion in 2024, up from €19.34 billion in 2023.

The strongest increase among the main divisions was recorded in wholesale and retail trade and the repair of motor vehicles and motorcycles, where turnover rose by 8.6 per cent to €1.66bn.

Turnover in wholesale trade increased by 4.2 per cent to €10.24bn, while retail trade recorded growth of 5.3 per cent, reaching €8.41bn.

The survey also showed that production value increased by 6.3 per cent year-on-year, rising to €5.75bn in 2024.

At the same time, value added at current prices climbed by 6.3 per cent across the trade sector to €3.63bn, compared with €3.42bn in 2023.

Within the individual divisions, value added in wholesale and retail trade and the repair of motor vehicles and motorcycles rose by 9.3 per cent to €343.40 million.

In wholesale trade, value added increased by 3.8 per cent to €1.81bn.

Meanwhile, retail trade posted an 8.9 per cent increase in value added, reaching €1.48bn.

The labour market also expanded during the year, with employment across the trade sector rising by 1.0 per cent to 78,300 people, compared with 77,500 in 2023.

Moreover, employment in wholesale and retail trade and the repair of motor vehicles and motorcycles stood at 9,800 people.

At the same time, wholesale trade employed 27,000 people and retail trade accounted for 41,500 jobs, according to Cystat.