Cyprus retail trade sees robust growth in September 2023
The Retail Trade Turnover Index in Cyprus increased by 8.6 per cent compared to the same month the previous year, according to a report released this week by the Cyprus Statistical Service (Cystat).
Furthermore, the Retail Trade Turnover Volume Index also showed growth, rising by 4.2 per cent in comparison to September of the previous year.
According to the Statistical Service, the purpose of the Retail Trade Turnover Index, excluding Motor Vehicles, is to monitor short-term developments in the Retail Trade, with the turnover encompassing the sales of goods and services by the business during the reference period.
This excludes Value Added Tax (VAT), and it includes duties and taxes. The data collected includes all enterprises employing ten or more persons, as well as a sample of smaller enterprises.
It should be noted that for the calculation of the total index, the weighted average of the partial indices is computed for the various categories (subsets of activities) of the retail trade.
The weights used in the calculation originate from the results of the Wholesale and Retail Trade survey in the base year (2015) and reflect the share of the turnover of each category in relation to the total turnover of retail trade.
The data indicates that the most significant increase in the Retail Trade Turnover Value Index was observed in the retail trade of food, beverages, and tobacco (in specialised stores), with a substantial rise of 16.3 per cent compared to September 2022.
On the other hand, the most notable decrease was recorded in the retail trade of automotive fuels in specialised stores, experiencing a 2.3 per cent decline compared to the previous September.
Regarding the Retail Trade Turnover Volume Index, the largest increase was seen in the textiles, clothing, and footwear sector, with a growth of 7.9 per cent compared to the same month the previous year.
Conversely, the most significant decrease in this category was once again in the retail trade of automotive fuels in specialised stores, dropping by 1 per cent compared to September the previous year.
The positive trends in these retail trade indices highlight a growing economic activity in the retail sector, reflecting the dynamics in Cyprus’ consumer market in September 2023.