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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.

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.

EU Moderates Emissions While Sustaining Economic Momentum

by THEFUTURE.TEAM
November 15, 2025

The European Union witnessed a modest decline in greenhouse gas emissions in the second quarter of 2025, as reported by Eurostat. Emissions across the EU registered at 772 million tonnes of CO₂-equivalents, marking a 0.4 percent reduction from 775 million tonnes in the same period of 2024. Concurrently, the EU’s gross domestic product rose by 1.3 percent, reinforcing the ongoing decoupling between economic growth and environmental impact.

Sector-By-Sector Performance

Within the broader statistics on emissions by economic activity, the energy sector—specifically electricity, gas, steam, and air conditioning supply—experienced the most significant drop, declining by 2.9 percent. In comparison, the manufacturing sector and transportation and storage both achieved a 0.4 percent reduction. However, household emissions bucked the trend, increasing by 1.0 percent over the same period.

National Highlights And Notable Exceptions

Among EU member states, 12 reported a reduction in emissions, while 14 saw increases, and Estonia’s figures remained static. Notably, Slovenia, the Netherlands, and Finland recorded the most pronounced declines at 8.6 percent, 5.9 percent, and 4.2 percent respectively. Of the 12 countries reducing emissions, three—Finland, Germany, and Luxembourg—also experienced a contraction in GDP growth.

Dual Achievement: Environmental And Economic Goals

In an encouraging development, nine member states, including Cyprus, managed to lower their emissions while maintaining economic expansion. This dual achievement—reducing environmental impact while fostering economic activity—is a trend that has increasingly influenced EU climate policies. Other nations that successfully balanced these outcomes include Austria, Denmark, France, Italy, the Netherlands, Romania, Slovenia, and Sweden.

Conclusion

As the EU continues to navigate its climate commitments, these quarterly insights underscore a gradual yet significant shift toward balancing emissions reductions with robust economic growth. The evolving landscape highlights the critical need for sustainable strategies that not only mitigate environmental risks but also invigorate economic resilience.

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