Sharp increase in online business

Cypriot businesses recorded increases above the EU average in sales and services provided via the web in 2020, according to a new report by Eurostat.

Eurostat found that Cypriot businesses in 2020 recorded an increase of 23% in online sales and services provided as opposed to the EU average of 12% because of the pandemic restrictions.

The highest increases were recorded in Malta (32%), in Cyprus (23%) and in Portugal (21%). The lowest increases were recorded in Germany (5%).

Notably, Eurostat also found that performance in internet sales and provision of services was subject to a company’s existing share of internet sales and on the type of product or service provided.

The main businesses who recorded the highest increases were those active in the hospitality (25%) sector while the lowest were those in the construction sector.

Source: Cyprus Mail