Dynamic marketplace metrics from Nicosia reveal an unprecedented economic performance across local storefronts and distribution networks, with combined annual gross earnings surging past a critical benchmark amid expanding payroll sheets and rising regional output valuations.

Unprecedented Revenue Influx and Sector Expansion

Cyprus' wholesale and retail trade sector recorded solid growth across all key indicators in 2024, with the turnover surpassing €20 billion, according to the results of the Wholesale and Retail Trade Survey released on Monday, by the Statistical Service of Cyprus. Total turnover in the broad trade sector rose by 5.0% year-on-year to €20.304 billion in 2024 from €19.341 billion in 2023. The strongest increase was recorded in wholesale and retail trade and the repair of motor vehicles and motorcycles, where turnover climbed 8.6% to €1.663 billion. Wholesale trade turnover increased by 4.2% to €10.236 billion, while retail trade expanded by 5.3% to €8.406 billion.

Evaluated Production Yields and Added Structural Worth

The survey also showed continued improvement in the sector's economic contribution. Production value increased by 6.3% to €5.748 billion, while value added at current prices rose by 6.3% to €3.633 billion from €3.416 billion a year earlier. Value added in the motor vehicle trade and repair segment advanced by 9.3% to €343.4 million, retail trade recorded an 8.9% increase to €1.476 billion, and wholesale trade posted a 3.8% rise to €1.813 billion.

Shifting Demographic Staffing Levels Across Commercial Hubs

Employment in the trade sector also edged higher, increasing by 1.0% to 78,268 persons in 2024 from 77,500 in the previous year. Retail trade remained the largest employer with 41,468 workers, followed by wholesale trade with 27,011 employees, while wholesale and retail trade and repair of motor vehicles and motorcycles employed 9,789 people.

Source: CNA(ΚΥΠΕ)