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Growth
Rate 2,5% The growth rate of the economy
in 2023 is positive and is estimated at 2,5% in real terms (volume measures).
At current prices, the percentage change in Gross Domestic Product (GDP)
amounts to 7,1%.  Regarding the production approach for the estimation of GDP, the positive growth rate is mainly attributed to the sectors: "Hotels and Restaurants", “Construction”, “Wholesale and retail trade; repair of motor vehicles and motorcycles”, "Administrative and support service activities", “Information and communication” and “Transportation and storage"(Table 1)
Economic activities: Α: Agriculture, forestry and fishing B: Mining and quarrying C: Manufacturing D: Electricity, gas, steam and air
conditioning supply E: Sewerage, waste management and
remediation activities F: Construction G: Wholesale and retail trade; repair of
motor vehicles and motorcycles H: Transportation and storage I: Accommodation and food service
activities J: Information and communication K: Financial and insurance activities L: Real estate activities M: Professional, scientific and technical
activities N: Administrative and support service
activities O: Public administration and defense P: Education Q: Human health and social work activities R: Arts, entertainment and recreation S: Repair of household goods and other
services T: Activities of households as employers
 Methodological Information Scope The scope of the GDP estimate
nine months after the end of the reference year is to provide a better
estimate of the growth of Cyprus economy, while providing information on the
main variables of the production, expenditure and income approach. Compilation and Methodology The GDP level in Cyprus is
determined from the production and expenditure approaches, while the income
approach is considered a residual item as concerns the operating surplus. Annual National Accounts (ANA)
are produced at current, volume measures and previous-year-prices, published
and transmitted to Eurostat at two and nine months after the end of the
reference year. ANA are compiled in accordance
with the European System of Accounts (ESA 2010) as defined in Regulation (EU)
No 549/2013 of the European Parliament and of the Council of 21 May 2013. Production Approach The estimation of GDP is based
mainly on the results of the annual economic surveys (SBS) and the quarterly
Short-Term Statistics (STS) of the Statistical Service of Cyprus,
administrative sources, Government Finance Statistics and any data
adjustments according to the European System of Accounts 2010 (ESA 2010). Expenditure Approach The calculation of GDP is based
on the statistics of the Private and Government Consumption, the Gross Fixed
Capital Formation, the Changes in Inventories, the acquisitions less
disposals of valuables and the external balance of goods and services (Exports
minus Imports). Income Approach The calculation of GDP is the
sum of income components for the total economy and it is comprised of the
compensation of employees, taxes on production & imports less subsidies
and gross operating surplus including mixed income. Source of Data In order to produce ANA
estimates, the following datasets are used as input to the system of
calculation: - short-term economic
indicators by activity, - administrative data, - annual business surveys, - General Government
Statistics, - Private and Public
Consumption, - Gross Fixed Capital
Formation, - change in stocks, - external balance of goods and
services, - price indices. For more information visit the
CYSTAT Portal, subtheme National
Accounts, CYSTAT-DB
(Online Database), Predefined
Tables (Excel), Methodological
Information or contact Mr Demetris Ioannou: tel: +35722605128, email: dioannou@cystat.mof.gov.cy. (AP/NZ) |
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