Retail trade in Cyprus increased 2.7 percent year-on-year in February 2019, slowing from an upwardly revised 3.8 percent gain in the previous month. Sales eased for non-food products, except fuel (5.5 percent from 6.1 percent in January) and automotive fuel (5.3 percent from 6 percent). Additionally, sales of food products dropped (-0.1 percent from 1.6 percent). On a monthly basis, retail sales went down 8.4 percent, after a 24 percent decline in the prior month. Retail Sales YoY in Cyprus averaged 0.55 percent from 2001 until 2019, reaching an all time high of 14.11 percent in February of 2008 and a record low of -32.96 percent in March of 2013.
Retail Sales YoY in Cyprus is expected to be 4.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Retail Sales YoY in Cyprus to stand at 4.20 in 12 months time. In the long-term, the Cyprus Retail Sales YoY is projected to trend around 3.80 percent in 2020, according to our econometric models.