**Cyprus Trade Sector Turnover Reaches €20.30 Billion in 2024**
In a significant boost for the economy, Cyprus’ wholesale and retail trade sector reported a robust growth in 2024, with turnover rising to €20.30 billion. This figure represents a 5.0 percent increase from the previous year's turnover of €19.34 billion, as detailed in the latest report from the Cyprus Statistical Service (Cystat).
The growth in the trade sector was broad-based, encompassing increases in turnover, production value, value added, and employment. The most notable surge occurred in the wholesale and retail trade, as well as the repair of motor vehicles and motorcycles, where turnover escalated by 8.6 percent to €1.66 billion.
Breaking down the figures further, wholesale trade experienced a turnover increase of 4.2 percent, reaching €10.24 billion. In contrast, retail trade demonstrated a growth of 5.3 percent, culminating in a turnover of €8.41 billion. These figures highlight the resilience and expansion of the trade sector in Cyprus, indicating a healthy consumer demand and business activity.
In terms of production value, the sector saw a significant rise of 6.3 percent year-on-year, bringing the total to €5.75 billion in 2024. This increase reflects the overall enhancement in the productivity and efficiency of businesses operating within the trade sector.
Value added, which is a crucial indicator of economic performance, also showed positive trends. It climbed by 6.3 percent to reach €3.63 billion, up from €3.42 billion in 2023. Within the main divisions, the wholesale and retail trade, along with the repair of motor vehicles and motorcycles, recorded a notable value added increase of 9.3 percent, amounting to €343.40 million. Specifically, value added in wholesale trade rose by 3.8 percent to €1.81 billion, while retail trade achieved an 8.9 percent increase, reaching €1.48 billion.
The labour market within the trade sector also expanded, with total employment rising by 1.0 percent to 78,300 individuals, compared to 77,500 in the previous year. Employment figures indicate a positive trend in job creation, with wholesale and retail trade and the repair of motor vehicles and motorcycles employing 9,800 people. The wholesale trade sector accounted for 27,000 jobs, while retail trade represented the largest segment with 41,500 positions.
These statistics underscore the vitality of the trade sector in Cyprus, reflecting a growing economy that is adapting to market demands and consumer behavior. The increase in turnover, production value, and employment suggests a favorable environment for businesses and consumers alike, potentially paving the way for further growth in the coming years.
As the trade sector continues to thrive, stakeholders and policymakers will likely focus on sustaining this momentum, ensuring that the necessary infrastructure and support systems are in place to foster ongoing development. The positive trends observed in 2024 could serve as a foundation for future economic strategies aimed at enhancing the overall competitiveness of Cyprus in the global market.