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Rising Motor Vehicle Costs and Wholesale Trade Growth in Cyprus

by THEFUTURE.TEAM

October 7, 2024

The automotive sector in Cyprus is witnessing a marked increase in both sales and service costs, according to recent data. This trend reflects broader economic shifts impacting the country, as well as a resurgence in wholesale trade, driven by changing consumer demand and global economic conditions.

Sales of motor vehicles have continued to climb throughout 2024, with higher demand leading to increased prices for both new and used cars. Several factors contribute to this surge, including persistent inflation, rising production costs, and global supply chain disruptions. These challenges, compounded by the limited availability of certain vehicle models, have resulted in higher prices, putting pressure on consumers.

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Vehicle servicing costs have also seen a notable uptick, further burdening car owners. The rise in maintenance expenses can be attributed to the increasing cost of spare parts, many of which are imported and affected by supply chain issues. Additionally, the global shortage of semiconductors—vital components in modern vehicles—has significantly driven up repair costs for electronic systems, which now play a critical role in most automobiles. This has made routine services, as well as more complex repairs, more expensive than in previous years.

The automotive industry’s inflationary pressures are not limited to Cyprus; these trends mirror global challenges, where many countries are facing similar cost increases. The international market volatility, exacerbated by the ongoing war in Ukraine, has led to fluctuations in fuel prices, further impacting vehicle ownership and operational costs.

In parallel, Cyprus is also seeing a rise in wholesale trade activity, which has recorded significant growth in recent months. The wholesale trade sector, benefiting from an increase in consumer demand across various industries, is playing a crucial role in supporting the country’s economic recovery. The expansion of wholesale trade is closely linked to sectors like retail, construction, and agriculture, which are seeing renewed investment and growth. As supply chain disruptions gradually ease and inventories stabilise, businesses are looking to wholesale traders to provide the necessary goods to meet rising consumer needs.

The strengthening of the wholesale trade sector suggests a broader positive trajectory for the Cypriot economy. However, challenges remain, particularly for industries that rely heavily on imports, as they continue to face higher input costs. Businesses are increasingly having to navigate these rising costs while trying to keep prices competitive, a delicate balancing act that requires strategic planning and efficiency improvements.

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Call for Reform: Cyprus Faces New Challenges with Emerging Tobacco Products

by News Editor

May 31, 2025

In the face of a burgeoning variety of tobacco products, existing smoking laws in Cyprus are struggling to keep pace, as highlighted by Christos Minas, the president of the Cyprus National Addictions Authority (AAEK). On World No-Tobacco Day, there was a push for legislative reforms to comprehensively cover all tobacco forms, including non-nicotine alternatives.

Addressing Rising Trends with Effective Policies

Minas emphasized the surge in popularity of e-cigarettes and flavored products, particularly among the youth. The proposed legal updates aim to enhance enforcement efficiency against these emerging trends.

In collaboration with the World Health Organization’s (WHO) framework, the AAEK has established the first set of national guidelines for smoking cessation in Cyprus, crafting prevention and treatment strategies based on robust scientific evidence.

Educating Youth and Public Awareness Initiatives

Efforts are underway to raise awareness, with informative materials distributed to secondary schools across Cyprus. A public event in Nicosia highlighted the state’s ongoing commitment, providing carbon monoxide testing and expert advice on new tobacco products.

Recent data from the Cyprus general population survey 2023 indicates that 38% of smokers have used e-cigarettes recently, and the smoking initiation age remains at 18.

A Glimpse into Youth Smoking Patterns

According to the latest European school survey, 14% of Cypriot students aged 15-16 reported smoking traditional cigarettes last month. Although this rate is declining, Cyprus still ranks high in Europe for e-cigarette and hookah use among students.

The concern is global, with WHO reports showing over 37 million children aged 13-15 engage in tobacco use, driven by aggressive marketing in loosely regulated environments.

The urgency for reform is clear: before these trends solidify, proactive measures are necessary to protect future generations from potentially hazardous habits.