Cyprus sees growth in wholesale, vehicle trade sector in second quarter
Cyprus’ wholesale trade and motor vehicle sectors grew during the second quarter of 2024, according to a report released on Monday by the Cyprus Statistical Service (Cystat).
Specifically, the turnover value index for wholesale trade rose by 7.7 per cent compared to the same period last year, while the index for the sales and repair of motor vehicles surged by 11.8 per cent.
The report revealed significant growth in various categories of motor vehicle sales. Specifically, the index for the sale of motor vehicles reached 176.7 points during the second quarter, representing a 16.5 per cent increase from April to June 2023.
The maintenance and repair of motor vehicles also saw a rise, with an index of 132.6, reflecting a 5.2 per cent increase over the same timeframe.
Additionally, the sale of motor vehicle parts and accessories rose by 7.5 per cent, achieving an index of 134.7.
However, not all segments performed equally. The sale, maintenance, and repair of motorcycles and related parts recorded a decline, with an index of 147.0, indicating an 11.5 per cent drop compared to the previous year.
In terms of wholesale trade, excluding motor vehicles, the overall turnover value index stood at 135.5 points during the second quarter of 2024, reflecting a growth of 7.7 per cent year-on-year.
Among the various categories, wholesale on a fee or contract basis achieved the highest growth rate, soaring by 21.3 per cent, with an index of 128.9.
Conversely, the wholesale of agricultural raw materials and live animals faced a significant decline, plummeting by 18.0 per cent.
The wholesale of food, beverages, and tobacco also performed well, with a 4.4 per cent increase, while the wholesale of household goods saw a robust growth of 15.6 per cent.
Other notable performances included the wholesale of machinery and equipment, which rose by 14.1 per cent.
Finally, the statistical service explained that “turnover comprises the total amounts invoiced by an enterprise during the reference period and this corresponds to the market sales of goods and services,
excluding VAT but including other duties and taxes on the goods”.