Cyprus trade sector sees 20.7% surge in 2022 turnover

Turnover in the broad trade sector increased in 2022 by 20.7%, according to the results of the Wholesale and Retail Trade Survey, published by the Statistical Service on Wednesday.

In particular, turnover in the broad trade sector increased in 2022 by 20.7% to €17,618.2 million compared to €14,598.3 million in 2021.

At division level, in wholesale and retail trade and repair of motor vehicles and motorcycles turnover increased by 17.9% to €1,220.9 million, in wholesale trade by 28.7% to €9,073 million and in retail trade by 12.5% to €7,324.3 million. Production value in 2022 reached €4,577.6 million, registering an increase of 16.8% over 2021.

In the whole of the trade sector, value added at current prices increased by 14.9% to €2,891.2 million in 2022 compared to €2,517.2 million in 2021.

In wholesale and retail trade and repair of motor vehicles and motorcycles, value added increased by 20.6% to €263.5 million, in wholesale trade increased by 19.2% to €1,412.6 million and in retail trade increased by 9.1% to €1,215.1 million.

Employment in the trade sector increased in 2022 by 3.2% to 75,800 compared to 73,500 in 2021. In wholesale and retail trade and repair of motor vehicles and motorcycles employment reached 9,300, in wholesale trade 25,800 and in retail trade 40,700 persons.