Retail trade grew in 2023 in Cyprus

The value of the retail trade turnover in Cyprus last year recorded a substantial increase of 8.9%, while the volume of retail trade turnover saw growth of 5.8%.

According to data from the Statistical Service of Cyprus (CyStat), for the period of January-December 2023, the value index is estimated to have increased by 8.9%, and the volume index by 5.8% compared to the same period in 2022.

In December 2023, the Turnover Value Index of Retail Trade increased by 4.2% compared to December 2022. During the same month, the Volume Index of Retail Trade Turnover also saw a growth of 3.4% compared to the corresponding month of the previous year.

CyStat also announced last week that inflation in Cyprus increased slightly in January, rising by 1.7% compared to the 1.64% rate that had been recorded in December. Back in January 2023, inflation had reached 7.11%.

The most significant changes in economic categories, compared to January 2023, were observed in agricultural goods, with a 4.4% increase, and petroleum products, with a 4.1% rise.

On a monthly basis, the prices of both oil products and industrial goods declined by 2.3%.