In November 2023, the retail sector in Cyprus experienced a notable increase of 1.6% in volume compared to the previous month, October 2023. This growth contrasts with a decrease of 0.3% in the Eurozone and 0.2% across the European Union, as estimated by Eurostat, the European Union's statistical service.

Previously, in October 2023, Cyprus's retail sector volume remained steady compared to September, while the Eurozone and the EU witnessed slight increases of 0.4% and 0.5%, respectively.

Year-on-year, the retail sales index in Cyprus, adjusted for calendar variations, showed a significant rise of 4.8% in November 2023 compared to November 2022. In contrast, the Eurozone and the EU saw decreases of 1.1% and 1.0%, respectively.

Breaking down the retail sector in the Eurozone for November 2023, the volume decreased by 0.4% for non-food products and by 0.1% for food, drinks, and tobacco. However, there was an increase of 1.4% in the automotive fuel sector.

In the EU, the retail volume for non-food products decreased by 0.3%, and for food, drinks, and tobacco by 0.1%, while automotive fuels saw an increase of 0.4%.

Among the member states with available data, the largest monthly decreases in total retail volume were recorded in Germany (-2.5%), Luxembourg (-1.4%), and Austria (-0.7%). Conversely, the highest increases were observed in Portugal (+3.1%), Croatia and Slovenia (both +3.0%), and Malta and Romania (both +1.7%).

On an annual basis in November 2023, compared to November 2022, there was a decline of 4.5% in automotive fuels, 0.7% in food, drinks, and tobacco, and 0.2% in non-food products in the retail volume.

In the EU, the retail volume decreased by 5.0% for automotive fuels, 0.5% for food, drinks, and tobacco, and 0.2% for non-food products.

Among the member states, the largest annual decreases in total retail volume were seen in Slovenia (-11.1%), Estonia (-8.8%), and Hungary (-5.4%). The highest increases were in Spain (+6.8%), Croatia (+6.4%), and Denmark (+6.3%).