FINANCE: Cyprus credit card spending spikes 20% to EUR 1.7 bln H1 2019

Cyprus credit card transactions during the first six months of 2019 increased 20% compared to the same period last year, reflecting a recovery in consumption.

In the first six months (January to June) €1.79 bln was spent using credit cards, an increase of 20% compared to the same period last year.

According to new JCC data, the value of Cyprus credit card transactions in the domestic market remained at the same levels as last year in June at €302 mln.

The sectors with the largest volumes were utilities, supermarkets, restaurants, bars and hotels.

Meanwhile, there was a decrease in plastic money spent in household stores.

Sales and cash withdrawals of Cypriots with credit cards abroad, including online purchases, was up 7% to €157.2 mln in June compared to a year ago.

For the first six months cards used abroad was also up 7% on an annual basis reaching €899.6 mln.

Foreign card transactions (sales) increased 10% in June to €128.1 mln – for the year to date it was also up 18% to €539.7 mln.

Cyprus cards used in Turkey and the occupied north of the island reached €2.5 mln in June and a combined €11.3 mln for the first six months.

Turkish card transactions in Cyprus reached €1.61 mln in June and for the first six months it was €8.11 mln.