Cyprus retail sales up prov 11.9% y/y in Nov

Nascent recovery in specialist food stores

 

The index of retail trade turnover in Cyprus fell by 0.2% over the previous month in November 2007 according to provisional data, but rose by 11.9% over November 2006.

For the period January-November 2007 the index is provisionally estimated to have increased by 7.9% compared to the corresponding period of 2006.

The November figures show the first signs of a recovery in the category of “retail sale of food, beverages and tobacco in specialised stores” (such as bakeries and butchers). After seven months of consecutive year-on-year declines, the preliminary figures for November show a small increase of 1%.

It is likely that the specialist stores have suffered from competition from the rising number of big supermarkets.

Final figures for October show an increase of 3.4% over September, or 7.6% over the same month of 2006.

For the period January-October 2007 the index recorded an increase of 7.5% compared to the corresponding period of 2006.

 

Fiona Mullen