07/06/2010 09:03
Consumption seems to stabilize to exceptionally low levels, boosting estimates that the recovery of the domestic economy will take longer.
According to JCC Payments data on the use of credit cards, credit card transactions by Cypriots and non-Cypriots in the domestic market recorded a slight increase, despite last year’s low base.
On the other hand, the sharp increase in the use of credit cards by Cypriots abroad is challenging.
According to the figures, the value of transactions by Cypriots in Cyprus in May inched up 1% to €144.4 million, while the number of transactions rose 5% to 2 million.
In the first five months of 2010, the value of transactions by Cypriots in the domestic market recorded an annual increase of 2% to €760.9 million.
The credit cards were mostly used in super markets (20.92%), clothing stores (12.44%) and other retail trade goods (11.12%).
The consumption of Cypriots abroad is totally different.
Their credit card transactions in May surged 9% to €94.1 million. The number of transactions soared 13% to 707 thousand, while their value climbed 13% as well to €465.6 million. According to JCC Payments General Manager, Neophytos Karamanou, the increase in the Cypriots’ expenses abroad is largely attributable to the increased purchases via the internet. “The internet purchases are included in the credit card transactions abroad. It is worth noting that 26% of those transactions (€19m) concerned this type of purchases”, he said.
The value of transactions by non-Cypriots in Cyprus for the same month rose 4% to €42.9 million, while their number surged 10% to 375.9 thousand. In January – May 2010, the value of transactions by non-Cypriots in the domestic market increased by 3% to €134.3 million.
As for the use of credit cards by the T/C, their value stood at €1.5 million and their number at 23,749.
The value of credit card transactions used by the Cypriots in Turkey and the occupied north amounted to €1 million in May and €4 million in January – May 2010.
According to JCC Payments data on the use of credit cards, credit card transactions by Cypriots and non-Cypriots in the domestic market recorded a slight increase, despite last year’s low base.
On the other hand, the sharp increase in the use of credit cards by Cypriots abroad is challenging.
According to the figures, the value of transactions by Cypriots in Cyprus in May inched up 1% to €144.4 million, while the number of transactions rose 5% to 2 million. In the first five months of 2010, the value of transactions by Cypriots in the domestic market recorded an annual increase of 2% to €760.9 million.
The credit cards were mostly used in super markets (20.92%), clothing stores (12.44%) and other retail trade goods (11.12%).
The consumption of Cypriots abroad is totally different.
Their credit card transactions in May surged 9% to €94.1 million. The number of transactions soared 13% to 707 thousand, while their value climbed 13% as well to €465.6 million. According to JCC Payments General Manager, Neophytos Karamanou, the increase in the Cypriots’ expenses abroad is largely attributable to the increased purchases via the internet. “The internet purchases are included in the credit card transactions abroad. It is worth noting that 26% of those transactions (€19m) concerned this type of purchases”, he said.
The value of transactions by non-Cypriots in Cyprus for the same month rose 4% to €42.9 million, while their number surged 10% to 375.9 thousand. In January – May 2010, the value of transactions by non-Cypriots in the domestic market increased by 3% to €134.3 million.
As for the use of credit cards by the T/C, their value stood at €1.5 million and their number at 23,749.
The value of credit card transactions used by the Cypriots in Turkey and the occupied north amounted to €1 million in May and €4 million in January – May 2010.
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