Cyprus Green Line spend drops in both directions in Jan

Card spending by Greek Cypriots north of the UN-monitored Green Line dropped by 17.8% compared with the year earlier in January, while spending by Turkish Cypriots fell by 8.6% in the same period, according to data from JCC Payment Systems.
Total spending in the north reached EUR 431,757, compared with EUR 525,041 in January 2010.
As has been the pattern in the past, one of the major falls was in entertainment, which includes casinos that are currently banned in the Greek Cypriot south, although the Republic of Cyprus government is now likely to change this policy.
Spending on entertainment in the north using cards issued in the south fell by 23.3% to EUR 85,343, from EUR 111,284 in January 2011.
Selected bargain-hunting is suggested by the fact that there was an increase in spending on clothing, which rose by 28.1%, and on supermarkets, which rose by 30.1 to EUR 15,108.

Total spending by Turkish Cypriots south of the Green Line reached EUR 1,256, 323 (EUR 1.3 mln) in January, compared with EUR 1.37 mln in January 2011.
The biggest drop among major items was recorded for supermarkets, which fell by 15.6% to EUR 271,809.
Spending on clothing also fell by 11.4% to EUR 252,785.
However, spending on DIY and household stores jumped by 20.2% EUR 173,474.

Fiona Mullen
www.sapientaeconomics.com