Nicosia, Cyprus. Cyprus’ wholesale and retail trade sector recorded growth across turnover, production value, value added and employment in 2024 compared with the previous year, according to figures from the Cyprus Statistical Service.
Turnover across the wider trade sector rose by 5.0 per cent to €20.30 billion in 2024, up from €19.34 billion in 2023.
Turnover by division
The strongest increase among the main divisions was recorded in wholesale and retail trade and the repair of motor vehicles and motorcycles, where turnover rose by 8.6 per cent to €1.66 billion.
Turnover in wholesale trade increased by 4.2 per cent to €10.24 billion, while retail trade recorded growth of 5.3 per cent, reaching €8.41 billion.
Production value and value added
The survey showed that production value increased by 6.3 per cent year-on-year, rising to €5.75 billion in 2024.
Value added at current prices climbed by 6.3 per cent across the trade sector to €3.63 billion, compared with €3.42 billion in 2023.
Within the individual divisions, value added in wholesale and retail trade and the repair of motor vehicles and motorcycles rose by 9.3 per cent to €343.40 million.
In wholesale trade, value added increased by 3.8 per cent to €1.81 billion.
Retail trade posted an 8.9 per cent increase in value added, reaching €1.48 billion.
Employment
Employment across the trade sector rose by 1.0 per cent to 78,300 people in 2024, compared with 77,500 in 2023.