The Index of sale of Motor Vehicles spiked by 30% in 2023, pushed upwards mainly by price hikes in used cars.

According to data released by the Statistical Service of Cyprus (Cystat) the index in the economic activity of sale of motor vehicles in the last quarter of 2023 amounted to 193.3 units, marking an annual increase of 42%, whereas the annual increase throughout 2023 amounted to 30%.

Furthermore, the activities of maintenance and repair of motor vehicles and sale of motor vehicles parts and accessories also rose by 12.3% and 11.8% respectively.

Sale, maintenance and repair of motorcycles also rose by an annual 24.5% in 2023, whereas the index in the last quarter of 2023 amounted to 178.2 units, Cystat added.

The index of turnover in retail trade in 2023 has registered a more benign growth amounting to 0.9%, Cystat added. The index in the last quarter of 2023 amounted to 173.9 units.

Non specialised wholesale trade rose by an annual 13.1% in 2023, Wholesale of other machinery, equipment and supplies by 12.1%, whereas Wholesale of household goods rose by 11.2% year on year.

Other specialised wholesale declined by 12.1% and wholesale of agricultural raw materials and live animals dropped by an annual 11.2% year on year, Cystat added.