Cyprus sees 30 per cent annual surge in vehicle trade and repair
In 2023, Cyprus experienced a significant increase in its Index of Trade and Repair Activities of Motor Vehicles, with a surge of 30 per cent on an annual basis, primarily due to increased prices, especially in the used car market. The Cyprus Statistical Service reported that the index for Motor Vehicle Sales reached 193.3 units in the last quarter of 2023, marking a 42 per cent annual increase. Additionally, maintenance and repair of motor vehicles saw a 12.3 per cent increase, while activities related to the sale of parts and accessories for motor vehicles increased by 11.8 per cent. Sales, maintenance, and repair of motorcycles, along with their parts and accessories, also reported a 24.5 per cent annual increase, with the index reaching 178.2 units in the last quarter of 2023.