Cyprus trade turnover rises 5.7 per cent to €19.34 billion in 2023

Cyprus’ trade sector recorded positive growth in 2023, according to the state statistical service’s wholesale and retail trade survey, the results of which were released on Wednesday.

Turnover and employment both increased during the reporting period, although value added at current prices fell slightly due to declining fuel prices.

The report showed that total turnover in the broad trade sector rose by 5.7 per cent, reaching €19.34 billion in 2023, compared to €18.31 billion in 2022.

At a divisional level, the highest growth was recorded in wholesale and retail trade and the repair of motor vehicles and motorcycles, which posted a 25.4 per cent rise in turnover, reaching €1.53 billion.

Wholesale trade increased by 0.7 per cent to €9.83 billion, while retail trade saw a more robust rise of 9.0 per cent, with turnover amounting to €7.98 billion.

Moreover, production value across the trade sector increased by 2.7 per cent year-on-year, reaching €5.41 billion in 2023.

Despite these gains, value added at current prices declined by 2.2 per cent, falling to €3.42 billion from €3.49 billion in 2022.

In detail, the wholesale and retail trade and repair of motor vehicles and motorcycles saw a 19.3 per cent increase in value added, which reached €314.30 million.

Wholesale trade, however, experienced a 13.4 per cent decline in value added, dropping to €1.75 billion.

What is more, retail trade showed strength with an 11.6 per cent increase in value added, rising to €1.36 billion.

Meanwhile, employment in the trade sector also grew during 2023, increasing by 2.1 per cent to 77,500 people, compared to 75,800 in 2022.

Of these, 9,600 were employed in wholesale and retail trade and the repair of motor vehicles and motorcycles, 26,500 in wholesale trade, and 41,400 in retail trade.

The wholesale and retail trade survey, which includes a sample of 2,285 enterprises, defines turnover as all income arising during the year from ordinary business activities, net of discounts and rebates.

Production value is calculated by adding other income and stock changes to turnover, then deducting the cost of goods bought for resale.

Value added is derived by subtracting production, administrative and rental expenses from production value.

Employment figures include both salaried employees and the self-employed.