Cyprus is one of the EU's retail trade winners

According to new statistics from Eurostat, Cyprus has emerged as one of the best performers in the EU for retail trade, both annually and on a monthly basis.

Cyprus ranked 6th among the countries of the EU in May with a 1.6% increase in retail trade turnover over the previous month. The increase came after a 1.1% drop in April.

Cyprus's retail trade turnover increased by 3.8% in May compared to the previous year, ranking it 8th in the EU for yearly growth.

In the European Union and the euro area, retail trade turnover increased by 0.1% in May after declining by 0.2% in April. In May, there was an increase in retail trade turnover on an annual basis of 0.6% in the EU and 0.3% in the euro area.

With a noteworthy 10% gain, Luxembourg headed the yearly growth chart, followed by Romania at 6.5% and Croatia at 8.4%. On the other hand, Estonia and Slovenia had declines of 4% and 1.1%, respectively, while Belgium saw the worst yearly loss at 5.2%.

Denmark saw the biggest monthly gain at 2.3%, followed by Lithuania at 1.8% and Luxembourg at 1.7%. Slovakia, Ireland, Bulgaria, and Malta saw the largest monthly decreases, with declines of 1%, 0.9%, and 0.8% respectively for the latter two.