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Consumer sales drop in Jan and Feb

14/05/2003 11:12
Private consumption for the first two months of 2003 has dropped, reflecting the negative picture of the Cyprus economy. According to the Central Bank's Monetary Policy Report, the index for the volume of retail sales fell 3% for the first two months of the year, compared to the corresponding period of 2002, a decline attributable to the drop of the supermarkets, clothing, toys and furniture sectors and the slowdown in retail car sales.

The slowdown in car sales is reflected by the fall of 6.6% in the index of “Vehicles, Appliances and Spare parts” for the first two months of 2003 against an increase of 13.6% in 2002. A similar slowdown has been reported in private saloon car registrations, which have increased by 19.1% in the first quarter compared to the impressive 38.9% in the corresponding period of 2002.

The decline in private consumption is attributable to sharp drop (12.9%) of the supermarkets sector against an increase of 6.1% in 2002. The "toys" and the “food, drinks and tobacco” sectors have dropped by 9.2% and 2.4% for the second consecutive year.

On the other hand, the “Clothing and Shoeing”, “Pharmacies” and “Petrol Station” indices have increased by 17.1%, 12.3% and 9.2% respectively.

According to CYSTAT data, the private consumption for 2002 reached CYP 4.2 billion, that is, 68% of the Cyprus GDP.