Cyprus retail slump moderates in January

The slump in retail sales moderated in January, according to provisional data from the Statistical Service.
The volume of retail sales is provisionally estimated to have declined by 1.6% compared with the year earlier, having declined by 6.6% in December (revised down from 6.5%).
There was a turnaround in sales of food, beverages and tobacco in non-specialised stores (mainly kiosks and supermarkets), which saw growth of 3.9% over the year earliy, after a fall of 1.9% in December.
However, specialised stores such as bakeries saw a steeper decline of 7.5%, compared with 2.9% in December. This might point to price competition from the supermarkets.
With the exception of “automotive fuel in specialised stores”, which grew by 5.2% for reasons that cannot easily be explained, all other categories of retail sales declined.
On a slightly positive note, sales of electrical goods and furniture and computer equipment fell by less in January than they did in December. However, this could have been in anticipation of the VAT rise from 15% to 17% from March 1st.
www.sapientaeconomics.com

The Turnover Volume Index of Retail Trade for December 2011 amounted 144,0 units, recording an increase of 34,3 units or 31,3% compared to 109,7 in November 2011. The Index decreased by 10,2 units or 6,6% compared to December 2010.
For the period January-December 2011 the Index recorded a decrease of 0,8% compared to the corresponding period of 2010.

According to provisional estimates the Turnover Volume Index of Retail Trade for January 2012 decreased by 39,4 units or 27,4% to 104,6 units compared to 144,0 in December 2011. For the period January 2012, the Index is provisionally estimated to have a decrease of 1,6% compared to the corresponding period of 2011.