Retail trade in Cyprus experienced a notable rise in May 2024, with the Retail Sales Value Index increasing by 4.5% compared to the same month the previous year, according to the Statistical Service. During the same month, the Retail Sales Volume Index recorded a 2.6% year-on-year increase.

The upward trend continued over the first five months of the year. From January to May 2024, the Value Index saw a 5.3% increase, while the Volume Index rose by 4.2% compared to the same period in 2023.

According to the data, the most significant increases in the value index were observed in the categories of food, beverages, and tobacco in specialized stores, which grew by 10.3% in May 2024 compared to May 2023, and by 7.9% for the January-May 2024 period. Pharmaceuticals, orthopedic items, and cosmetics saw an 11.1% increase in May 2024 and a 9.2% increase for the first five months of 2024. Flowers, plants, watches, jewelry, and optical items experienced a 7.2% rise in May 2024 and a 12% rise for the January-May 2024 period.

Conversely, information and communication equipment saw a decline of 4% in May 2024 and a 3.8% drop for the first five months of 2024. Other household equipment decreased by 2.8% in May 2024 but increased by 1.9% for the January-May 2024 period. Additionally, retail trade outside of stores fell by 19.5% in May 2024 and by 11.5% for the first five months of 2024.

The volume index also showed significant increases in the category of food, beverages, and tobacco in specialized stores, which rose by 8.7% in May 2024 and by 5.7% for the January-May 2024 period. Pharmaceuticals, orthopedic items, and cosmetics increased by 9% in May 2024 and by 7.1% for the first five months of 2024.

On the other hand, fuel sales dropped by 4.3% in May 2024 but saw a 1.9% increase for the January-May 2024 period. Retail trade outside of stores decreased by 19.9% in May 2024 and by 12.1% for the first five months of 2024.