The Cyprus Statistical Service recently published data indicating a significant upsurge in both the value and volume of retail trade for November 2023. This report presents a detailed analysis of these trends, emphasizing the key sectors contributing to this growth.

In November 2023, the Retail Trade Cycle Value Index saw a 5.7% increase compared to the same month in the previous year. This rise is part of a broader trend observed from January to November 2023, during which the index experienced a cumulative growth of 9.4%.

A sector-wise breakdown reveals that the most substantial gains in trade value were in the retail of food, beverages, and tobacco products within specialized stores, registering a 13.4% increase. Additionally, retail involving edible products marked a 10% rise.

Parallel to these developments, the Retail Trade Turnover Index also showed a healthy growth trajectory, increasing by 5.6% in November 2023 compared to the same month in the preceding year. The cumulative increase for the period spanning January to November 2023 was 6.1%.

Significant volume growth was observed in diverse categories. Notably, a category encompassing computers and telecommunications equipment, home furnishings like curtains and carpets, books, stationery, sports equipment, toys, flowers, plants, watches, and jewelry recorded an 11.5% increase. In the realm of Food Retail, including beverages and tobacco in specialized stores, there was a 9.3% rise.

This report underscores the robust performance of Cyprus’s retail sector, highlighting the diverse areas of growth that contribute to the overall health of the country's economy.