Retail trade in Cyprus saw small monthly decrease, annual increase in December 2023

In December 2023, the seasonally adjusted volume of retail trade in Cyprus decreased slightly by 0.2% compared with November 2023 (while decreasing by 1.1% in the eurozone and by 1.0% in the EU),  according to estimates from Eurostat.

In November 2023, the retail trade volume in Cyprus increased by 1.5% compared to the previous month (while increasing by 0.3% in both the eurozone and the EU).

However, on an annual basis (in December 2023 compared with December 2022), the calendar-adjusted retail sales index increased by 3.8% (second largest increase), while decreasing by 0.8% in the eurozone and by 0.7% in the EU.

The annual average level of retail trade for the year 2023, compared with 2022, decreased by 1.8% in both the euro area and the EU.

Comparisons by retail sector and by member state

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On a monthly basis (December compared to November 2023) the volume of retail trade in the eurozone decreased by 1.6% for food, drinks, and tobacco, by 1.0% for non-food products, and by 0.5% for automotive fuels.

In the EU during the same period, the volume of retail trade decreased by 1.8% for food, drinks, and tobacco and by 1.1% for non-food products, while it remained unchanged for automotive fuels.

Among member states for which data are available, the largest monthly decreases in the total retail trade volume were registered in Slovenia (-3.6%), Denmark (-3.2%) and Luxembourg (-3.1%).

The highest increases were observed in Slovakia (+2.0%), Croatia, and Hungary (both +1.4%) as well as in Portugal (+0.7%)

On an annual basis (December 2023 compared to December 2022), the volume of retail trade in the eurozone decreased by 6.2% for automotive fuels and by 1.0% for food, drinks, and tobacco, while it grew by 0.1% for non-food products.

In the EU during the same period, the retail trade volume decreased by 6.3% for automotive fuels and by 0.7% for food, drinks, and tobacco, while it grew by 0.4% for non-food products.

Among member states for which data are available, the largest yearly decreases in the total retail trade volume were registered in Slovenia (-15.0%), Estonia (-4.2%), and Slovakia (-3.8%).

The highest increases were observed in Croatia (+8.9%), Cyprus (+3.8%), and Spain (+3.4%).

(Source: CNA)