Retail Trade Volume Rises 7.5% Year On Year In August

Cyprus recorded one of the strongest retail performances in the European Union in August, with retail trade volume increasing 7.5% year on year, according to Eurostat.

Cyprus Ranks Second In The EU

The annual increase placed Cyprus second among EU member states with available data, behind Sweden at 7.7%. Estonia followed with growth of 6%.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Cyprus’ retail growth was more than six times the EU average of 1.2% and significantly above the euro area’s 0.8% increase.

Cyprus Outperforms A Weaker European Market

The figures point to resilient retail demand in Cyprus despite more subdued conditions across much of Europe.

Retail trade volume declined in four member states. Malta recorded the sharpest fall at 2.4%, followed by Spain at 0.6%, Italy at 0.5% and Germany at 0.4%.

Across the euro area, annual growth was supported by food, drinks and tobacco, as well as non-food products excluding automotive fuel. Food, drinks and tobacco sales rose 1.6%, while non-food retail increased 1.7%. Automotive fuel sales fell 3.7%.

EU-wide figures showed similar trends, with food, drinks and tobacco up 1.4% and non-food products excluding fuel rising 2.2%. Automotive fuel sales declined 1.9%.

Monthly Retail Growth Remains Modest

On a monthly basis, seasonally adjusted retail trade volume rose 0.1% in both the euro area and the EU in August, following declines of 0.6% and 0.5% respectively in July.

Romania posted the strongest monthly increase at 2.3%, followed by Sweden at 1.4% and Germany at 1.3%. Luxembourg recorded the largest monthly decline, with retail volume falling 9.4%. Malta and Latvia followed with decreases of 1.9% and 1.4%.

Cyprus’ August performance places it among the EU’s strongest retail markets, with annual growth far exceeding both the EU and euro area averages.