Retail trade in Cyprus demonstrated positive growth trends during May 2024, as indicated by the latest data from the Statistical Service of Cyprus. The Turnover Value Index for the retail sector increased by 4.5% compared to May of the previous year. The Turnover Volume Index rose by 2.6% year-on-year for the same month. From January to May 2024, the Value Index inreased by 5.3%, while the Volume Index showed an increase of 4.2% compared to the corresponding period in 2023. The data reveal significant increases in specific retail categories. Notably, sales of food, beverages, and tobacco in specialized stores surged by 10.3% in May 2024 compared to May 2023. Over the first five months of the year, this category saw a solid growth of 7.9%. Similarly, pharmaceuticals, orthopedic goods, and cosmetics reported a notable increase of 11.1% in May 2024 and 9.2% for the January-May period. However, certain sectors declined during May 2024. Specifically, sales of information and communication equipment decreased by 4%, reflecting a broader 3.8% decline for the January-May 2024 period. Additionally, sales of other household equipment fell by 2.8% in May 2024, though they managed a slight increase of 1.9% for the year-to-date. Non-store retail trade, which includes online and other non-traditional retail channels, decreased significant by 19.5% in May 2024 and by 11.5% for the January-May period. Source: Cyprus News Agency
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