Press Releases

The Turnover Value Index of Retail Trade for April increased by 47,4% compared to the corresponding month of the previous year (Table 1). For the same month, the Turnover Volume Index of Retail Trade increased by 47,3% compared to the corresponding month of the previous year (Table 2). This remarkable increase of the indices is due to the halt of activity in retail trade for the whole of April 2020 compared to just five days this April for Covid-19 containment purposes.

For the period January-April 2021 the value index is estimated to have recorded an increase of 8,1% and the volume index an increase of 10,1% compared to the same period of 2020.

Μethodological information

Scope and coverage

The purpose of the Turnover Indices of Retail Trade, except of Motor Vehicles is to monitor short-term developments in Retail Trade. The Indices cover activities of division 47 of the Statistical Classification of Economic Activities of the European Union NACE Rev. 2.

Turnover comprises the total amounts invoiced by an enterprise during the reference period, excluding VAT but including other duties and taxes on the goods.

Data collection

The Statistical Service collects data monthly by telephone enquiries, fax or e-mail. Data collection starts five days after the end of the reference period and is usually completed within forty-five days.

Compilation method and dissemination practices

The Indices are using 2015 as the base year, meaning that they show the monthly changes in turnover in relation to the monthly turnover average of the year 2015. In the base year, the average of the Turnover Indices for the twelve months is 100,0. For example, a monthly Turnover index of 105,3 means that the turnover for the specific month has increased by 5,3% in relation to the average monthly turnover of 2015.

The Turnover Value Index is calculated at current prices, while the Turnover Volume Index is calculated at constant prices and is derived by deflating the Turnover Value Index using the Consumer Price Index (CPI) as deflator.

The aggregated Index is a weighted average of the Turnover indices of the various classes (subsets of activities) of Retail Trade, as defined in NACE Rev. 2. The weights used are derived from the results of the annual Wholesale and Retail Trade Survey in the base year (2015) and reflect the share of turnover of each class in relation to the total turnover of the retail trade sector.

Enterprises with 10 or more employees are surveyed exhaustively and a sample is selected from enterprises employing less than 10 persons.

The compilation of the Indices follows the provisions of Regulation (EU) 2019/2152 on European business statistics. The Indices are transmitted every month to the Statistical Office of the European Union (Eurostat). In addition to gross data, both seasonally and calendar adjusted data are transmitted. The Indices are published at national level in their gross form.

For more information visit the Statistical Service (CYSTAT) website, subtheme Wholesale and Retail Trade or contact Ms Evaggelia Efstathiou: tel.: 22602196, e-mail: eefstathiou@cystat.mof.gov.cy.

(NG/SCH)