Breaking news

Cyprus Trade Sector Expands In 2024 As Turnover, Value Added And Employment Increase

Cyprus’ wholesale and retail trade sector recorded broad-based growth in 2024, with turnover, production value, value added and employment all increasing compared with the previous year, according to figures released by the Statistical Service of Cyprus (Cystat).

Turnover Strengthens Across The Sector

Total turnover in the trade sector rose 5.0% year on year to €20.30 billion in 2024, up from €19.34 billion in 2023.

The strongest growth was recorded in wholesale and retail trade and the repair of motor vehicles and motorcycles, where turnover increased 8.6% to €1.66 billion. Wholesale trade generated €10.24 billion in turnover, up 4.2% from a year earlier, while retail trade rose 5.3% to €8.41 billion.

Production Value And Added Value Rise

Production value increased 6.3% to €5.75 billion in 2024, while value added at current prices also climbed 6.3%, reaching €3.63 billion compared with €3.42 billion in 2023.

Across the sector’s main divisions, value added in wholesale and retail trade and the repair of motor vehicles and motorcycles rose 9.3% to €343.4 million. Wholesale trade recorded a 3.8% increase to €1.81 billion, while retail trade posted an 8.9% rise to €1.48 billion.

Employment Continues To Grow

Employment also expanded during the year, rising 1.0% to 78,300 people from 77,500 in 2023.

Retail trade remained the largest employer, with 41,500 people working in the sector. Wholesale trade accounted for 27,000 jobs, while wholesale and retail trade and the repair of motor vehicles and motorcycles employed a further 9,800 people.

University Of Nicosia Ranked In The Global Top 600 In THE Sustainability Impact Ratings 2026

UNIC placed in the 401-600 band worldwide, strengthened its position among universities in Cyprus and Greece, and recorded standout results in SDG 10, SDG 11 and SDG 17

79b21d8c 03dc 44b3 a795 ed61e7618c17

The University of Nicosia (UNIC) has earned another important international distinction in the Times Higher Education (THE) Sustainability Impact Ratings 2026, ranking in the 401-600 band globally among 1,646 universities from 116 countries and territories evaluated across 17 individual SDG tables and one overall ranking.

This result places UNIC in the global Top 600 and reinforces the University’s standing as one of the region’s most internationally engaged higher education institutions. Based on the published results, UNIC is one of the universities from Cyprus and Greece to secure a place within this band, underlining both its regional strength and its growing international visibility.

UNIC’s strongest performances in this year’s results were recorded in SDG 10: Reduced Inequalities, SDG 11: Sustainable Cities and Communities, and SDG 17: Partnerships for the Goals, where it ranked in the 101-200 band globally. It also achieved a 301-400 result in SDG 3: Good Health and Wellbeing and SDG 16: Peace, Justice and Strong Institutions.

Particularly significant was UNIC’s strong result in SDG 17: Partnerships for the Goals, an indicator that carries special weight in the overall methodology of the THE Sustainability Impact Ratings. This performance highlights the University’s growing capacity to build meaningful academic, research, and societal partnerships that create measurable impact at both local and international level.

Commenting on the result, the Rector of the University of Nicosia, Professor Philippos Pouyioutas, said:

This is a highly significant result for the University of Nicosia and one that we are proud to share. Our placement in the global Top 600 of the THE Sustainability Impact Ratings 2026 reflects the University’s sustained commitment to meaningful impact through education, research, outreach, and collaboration. Our particularly strong performance in Reduced Inequalities, Sustainable Cities and Communities, and Partnerships for the Goals demonstrates the values that define UNIC as a modern, outward-looking university, committed to contributing in practical ways to society and to the global sustainability agenda.

Among the universities from Cyprus, UNIC is one of the universities included in the global Top 600, while across Cyprus and Greece it stands among the universities recognised for strong performance in this year’s sustainability-focused results. This positioning adds further weight to UNIC’s profile as a university that combines academic quality with social contribution and international engagement.

For the University of Nicosia, this latest recognition marks another important step in its continuing international development, highlighting the strength of its academic environment, the breadth of its partnerships, and the increasing impact of its contribution to sustainable progress.

Aretilaw firm
The Future Forbes Realty Global Properties
Uol
eCredo

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter