Cyprus retail sales bottom out in July

Financial Mirror analyisis shows that the decline in retail sales appears to have bottomed out in July, as the volume index fell according to provisional figures by 2.6% over July 2008, having dropped by 3.8% in June and a more severe 6.9% in May.
The figures cited exclude sales of automotive fuel. With automotive fuel included, sales fell by a provisional 1.7% in July, having dropped by 2.7% in June and 6.2% in May.
For the period January-June 2009 retail sales volumes excluding fuel fell by 2.2% compared to the corresponding period of 2008.
Meanwhile, the index of retail sales by value (excluding automotive fuel) fell by a provisional 3.1% in July, having fallen by 2.3% in June and 5.4% in May.
For the period January-June 2009 the value index fell by 0.2% compared with the corresponding period of 2008.
From January 2009, the retail trade indices are published with a new base year (2005=100) and new NACE Rev. 2 methodology.