Cyprus retail sales slip again in February

Retail sales slipped again in the second month of the year, according to provisional data for the month.
The volume of retail sales fell by 0.2% in February 2009 compared with February 2008, having inched up by only 0.8% in January.
Retail sales have taken a clear downturn since November, when they fell for two months in a row, having risen by 9.4% in the first ten months of the year.
The biggest sector to have been hit is furniture and household goods, down by 13.5% in the first two months of the year.
Meanwhile, the value of retail sales, reflecting rising prices despite weakening demand, rose by 4.3% in January-February.

Fiona Mullen
www.sapientaeconomics.com