Cyprus Wholesale Trade Sees Modest 3.2% Growth

Cyprus Wholesale Trade Sees Modest 3.2% Growth

Vehicle Sales and Repairs Up 15.7% in Q1 2024

The Value Index of Turnover for Trade and Repair of Motor Vehicles increased by 15.7% in the first quarter of 2024 compared to the same quarter in 2023, according to data published by the Statistical Service.

Specifically, sales of motor vehicles rose by 20% in the first quarter compared to the first quarter of 2023. Maintenance and repair of vehicles increased by 11.2%, and the sale of motor vehicle parts and accessories saw an 8.4% rise. In contrast, the sale, maintenance, and repair of motorcycles and their parts and accessories decreased by 10.7% compared to the same period in 2023.

Increase in Wholesale Trade Turnover

A smaller increase was recorded in the Value Index of Turnover for Wholesale Trade, which rose by 3.2% in the first quarter of 2024 compared to the same quarter of the previous year.

The largest increase was seen in the non-specialized wholesale trade, which grew by 18.5%, followed by the wholesale trade of information and communication equipment, which increased by 15.4%.

Conversely, the largest decrease, 26.7%, was recorded in the wholesale trade of unprocessed agricultural raw materials and live animals.

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