Cyprus wholesale turnover down 11.6% in Q1

Wholesale turnover fell sharply in the first quarter of 2010 according to the latest figures from the Statistical Service.
The turnover value index of wholesale and retail trade and repair of motor vehicles and motorcycles fell by 11.6% over the corresponding period of the previous year in January-March 2010.
The index dropped by 2.3% compared with October-December 2009.
The main reason for the decline was motor vehicles, sales of which have declined sharply for over a year.
Excluding motor vehicles and motor cycles, the turnover index rose by 2.7% over the year earlier, although it dropped by 7.0% compared with October-December 2009.