According to the European Commission, the average Markets` Performance Index (MPI) score of all markets surveyed in Cyprus is 79.7, close to the EU28 average, with both goods markets and services markets also performing in line with the average. The 2016 reports covers extensively market developments in 2015 and compares them to 2013 and the EU average.
Overall, Cyprus ranks third among EU28 countries for the ‘Meat and meat products’ market and is in the bottom three countries for four services markets.
The leading goods markets in Cyprus are ‘Bread, cereals, rice and pasta’, ‘Meat and meat products’, and ‘Large household appliances’. The worst performing goods markets are ‘Second-hand cars’, ‘Fuel for vehicles’ and ‘Entertainment goods’.
Almost all goods markets decreased in MPI score since 2013, with the ‘Fuel for vehicles’ market (-8.9) showing the largest decrease, followed by the markets for ‘Books, magazines and newspapers’ and ‘Second-hand cars’ (both -7.0). Only the ‘ICT products’ and ‘Large household appliances’ markets remain stable.
Five Cypriot goods markets perform above the EU28 average, with the food categories ‘Meat and meat products’ (+4.3), ‘Fruit and vegetables’ (+2.7), and ‘Bread, cereals, rice and pasta’ (+2.5) scoring highest. Two goods markets perform below the EU28 average, ‘Fuel for vehicles’ (-3.4) and ‘Entertainment goods’ (-3.3).
All goods markets average component results are worse than in 2013, with individual goods markets performing the same or worse across the board. The component of trust has decreased since 2013 for all 13 goods markets.
The comparability and choice scores for goods markets in general are above the EU28 average, with only the ‘Entertainment goods’ market performing below the EU28 average for both components. The goods markets average proportion of problems is lower than the EU average, with six goods markets having a lower than average proportion of problems. Although only two goods markets have worse than average detriment scores (higher level of detriment), the goods markets average is worse than the EU28 average for this component.
When problems and detriment are combined, goods markets overall perform better than the EU28 average, with no goods market scoring below average in the problems & detriment component. Despite a good performance for ‘Meat and meat products’ in terms of trust, four markets score lower than the EU28 average in this component, resulting in a goods markets score below the EU28 average overall.
Top of the services markets in Cyprus are ‘Commercial sport services’, ‘Holiday accommodation’ and ‘Fixed telephone services’, with ‘Mortgages’, ‘Loans, credit and credit cards’, and ‘Bank accounts’ the bottom three.
The latter three markets also showed the largest decreases in MPI score since 2013: ‘Mortgages’ (-11.1), ‘Bank accounts’ (-10.0) and ‘Loans, credit and credit cards’ (-9.2). The scores for 14 services markets decreased since 2013 with only the ‘Electricity services’ and ‘Water supply’ markets increasing, by respectively 5.5 and 3.2 points.
The ‘Fixed telephone services’ (+5.5), ‘Mobile telephones services’ (+4.6) and ‘Real estate services’ (+4.3) markets top the list of six services markets performing above the EU28 average. Six markets are below the EU28 average, including markets related to financial services. The market for ‘Mortgages’ (-11.3) comes bottom, with ‘Loans, credit and credit cards’ (-9.4) and ‘Bank accounts’ (-6.2) also performing badly in relation to the EU28 average.
All services markets average component results, apart from the problems component, are worse in 2015 than 2013. The trust score decreased in the largest number of services markets (22 out of 29 services markets). The ‘Mortgages’ and ‘Bank account’ markets perform consistently worse than in 2013 across most components. The ‘Electricity services’ market is an exception, with increases in almost all components.
Also compared to the EU28 average, the ‘Mortgages’ market performs worse on all components part of the MPI. In contrast, the ‘Fixed telephone services’ market is better than the EU28 average in every component except detriment. The services markets average trust, detriment and expectations component scores are all worse than the EU28 average. Only the services markets average proportion of problems is lower than the EU28 average, with only the ‘Mortgages’ market having a higher than average proportion of problems. When problems and detriment are combined, the services markets average score is better than the EU28 average.
