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Cyprus Trade Sector Achieves Robust Growth In 2023 Amid Pricing Pressures

by THEFUTURE.TEAM

July 11, 2025

Strong Overall Expansion

The Cyprus trade sector demonstrated notable resilience and growth in 2023, as evidenced by the latest wholesale and retail trade survey released by the state statistical service. Total turnover increased by 5.7 percent, rising to €19.34 billion from €18.31 billion in the previous year, demonstrating the sector’s ability to maintain momentum despite external challenges.

Differentiated Divisional Performance

At the divisional level, the most dynamic performance was observed in wholesale and retail trade combined with the repair of motor vehicles and motorcycles, which experienced a striking 25.4 percent increase in turnover, totaling €1.53 billion. While wholesale trade itself registered a modest rise of 0.7 percent to €9.83 billion, the retail segment outperformed expectations with a robust 9.0 percent growth, reaching €7.98 billion in turnover.

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Furthermore, production value across the broader trade sector increased by 2.7 percent, reaching €5.41 billion. However, in a landscape impacted by volatile fuel pricing, value added at current prices experienced a slight contraction of 2.2 percent, falling from €3.49 billion to €3.42 billion, reflecting the nuanced challenges within the market.

Value Added and Employment Trends

Breaking down the value added, the combined wholesale and retail trade alongside vehicle repair saw a robust 19.3 percent surge to €314.30 million, while wholesale trade alone registered a significant decline of 13.4 percent, dropping to €1.75 billion. Conversely, retail trade demonstrated recovery and strength with an 11.6 percent increase in value added, rising to €1.36 billion.

Employment within the sector also showed positive momentum, expanding by 2.1 percent to 77,500 employees in 2023. Notably, the distribution of jobs reflected a balanced structure across the contributing segments, with 9,600 positions in wholesale and retail trade combined with motor vehicle repair, 26,500 in wholesale trade, and 41,400 in retail trade.

Methodological Insights

This comprehensive survey, encompassing 2,285 enterprises, defines turnover as the total income from ordinary business operations after accounting for discounts and rebates. Production value is determined by the sum of other income and stock variations added to turnover, less the cost of goods purchased for resale, while value added is computed by subtracting production, administrative, and rental expenses from production value. Employment figures encapsulate both salaried workers and the self-employed.

Conclusion

The insights from the 2023 survey underline Cyprus’s ability to navigate market pressures and achieve growth. The nuanced performance across divisions highlights both opportunities and challenges in an evolving economic landscape, emphasizing the importance of strategic adjustments as key trends continue to evolve in the trade sector.

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Sklavenitis Cyprus Sets A New Standard For Employee-Centric Benefits

by THEFUTURE.TEAM

September 12, 2025

Investing In Human Capital

In a bold move that underscores the growing importance of human capital in today’s business landscape, Sklavenitis Cyprus has taken innovative steps to ensure its workforce is both valued and supported. The supermarket chain has introduced a policy to pay a 14th salary to all employees—including those from Papantoniou Supermarkets—cementing its status as the sole retailer in Cyprus to implement such a comprehensive benefit.

A Significant Investment In People

This initiative is far from symbolic. With an estimated total cost of €2 million, it represents a committed investment in the company’s most valuable asset—its people. By providing an additional salary, Sklavenitis reinforces a culture of inclusivity and fairness, acknowledging every employee’s contribution to its success.

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Robust Benefits For Long-Term Stability

Complementary to the 14th salary, the company has launched a robust benefits program designed to address both financial and personal security. An Automatic Cost of Living Adjustment (ATA) of 12.56 per cent ensures that wages remain aligned with inflation, safeguarding real income stability for its team members.

Comprehensive Health And Life Support

Sklavenitis further enhances employee welfare through access to a Group Life and Health Insurance Plan and a Provident Fund co-funded by the employer. These measures not only provide immediate protection but also empower employees to plan confidently for the future.

Exclusive Perks And Incentives

The company extends its commitment beyond conventional benefits by offering store discounts, a birth allowance, and holiday gift vouchers valued at €100 during both Easter and Christmas. These additional perks enhance employee satisfaction and underline Sklavenitis’ people-first ethos.

A Strategy For Mutual Success

In an industry where employee engagement directly impacts customer satisfaction, Sklavenitis’ comprehensive approach stands out as both a progressive and strategic business decision. By investing in its workforce, the company not only nurtures a supportive workplace but also drives superior corporate performance, setting a new benchmark for responsible employment practices in Cyprus.