Cyprus trade sector turnover reached €17.61 billion in 2022

Cyprus’ wholesale and retail trade sector demonstrated robust growth in 2022, according to a recent report by the Cyprus Statistical Service (Cystat).

In 2022, the overall turnover in the sector soared by 20.7 per cent, reaching €17.61 billion, up from €14.59 billion in 2021.

This surge was primarily driven by significant growth in specific areas. Turnover in wholesale and retail trade, including the repair of motor vehicles and motorcycles, rose by 17.9 per cent to €1.22 billion.

The wholesale trade alone saw an even more striking increase, with turnover jumping by 28.7 per cent to €9.07 billion. Retail trade was not far behind, with a 12.5 per cent increase in turnover, totalling €7.32 billion.

The production value in the trade sector also showed positive trends, rising by 16.8 per cent in 2022 to reach €4.57 billion.

Furthermore, the value added at current prices throughout the sector climbed by 14.9 per cent to €2.89 billion, up from €2.51 billion the previous year.

Specifically, the value added in the sector of wholesale and retail trade and repair of motor vehicles and motorcycles grew by 20.6 per cent to €263.5 million.

Wholesale trade alone saw a 19.2 per cent rise in value-added, reaching €1.41 billion, while retail trade increased by 9.1 per cent to €1.21 billion.

Employment in the sector mirrored these positive developments, growing by 3.2 per cent in 2022, with the workforce expanding from 73,500 to 75,800.

The breakdown shows that employment in the motor vehicles and motorcycles sector stood at 9,300, wholesale trade at 25,800, and retail trade at 40,700.