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Growth rate 2.5%
The economy's growth rate in 2023 is positive and is estimated at 2.5% in real terms (volume measures). In current prices, the percentage change in Gross Domestic Product (GDP) amounts to 7.1%.
As regards the production approach for calculating GDP, the positive growth rate is mainly due to the sectors: "Hotels and Restaurants", "Construction", "Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles", "Administrative and Support Activities", "Information and Communication" and "Transport and Storage" (Table 1)
| Table 1: Gross Domestic Product (GDP) - Production Approach |
|
NACE Rev.2 |
[TD]
GDP at Current Market Prices
[/TD] [TD]GDP in Volume Measurements
[/TD][TR] [TD]
Breakdown of gross value added
(%)
Euro
(millions)
Change
(%)
Euro
(millions)
Change
(%)
2023
[/TD] [TD]2023
[/TD] [TD]2023/2022
[/TD] [TD]2023
[/TD] [TD]2023/2022
[/TD] [/TR] [TR] [TD]Gross Domestic Product (GDP)
[/TD] [TD]100,0
[/TD] [/TD] [TD]29.757.1
[/TD] [TD]7.1
[/TD] [TD]25.697.9
[/TD] [TD]2.5
[/TD] [/TD] [/TR] [TR] [TD]A
[/TD] [TD]1.8
[/TD] [TD]472.3
[/TD] [TD]6.8
[/TD] [TD]374.4
[/TD] [TD]0,9
[/TD] [/TR] [TR] [TD]
B
[/TD] [TD]0.2
[/TD] [TD]42.2
[/TD] [TD]22,2
[/TD] [TD]36.2
[/TD] [TD]9.9
[/TD] [/TD] [/TR] [TR] [TD]
C
[/TD] [TD]6.0
[/TD] [TD]1.563.9
[/TD] [TD]7.5
[/TD] [TD]1.250.2
[/TD] [TD]2.4
[/TD] [/TR] [TR] [TD]D
[/TD] [TD]1.5
[/TD] [TD]399.5
[/TD] [TD]9.7
[/TD] [TD]140.3
[/TD] [TD]6,6
[/TD] [/TR] [TR] [TD]E
[/TD] [TD]0.7
[/TD] [TD]191.7
[/TD] [TD]7,2
[/TD] [TD]163.3
[/TD] [TD]3.3
[/TD] [/TR] [TR] [TD]F
[/TD] [TD]5.5
[/TD] [TD]1.447.1
[/TD] [TD]8.7
[/TD] [TD]1.401.8
[/TD] [TD]2.9
[/TD] [/TR] [TR] [TD]G
[/TD] [TD]12.0
[/TD] [TD]3,137.2
[/TD] [TD]4.8
[/TD] [TD]2.941.7
[/TD] [TD]2.8
[/TD] [/TR] [TR] [TD]H
[/TD] [TD]5.5
[/TD] [TD]1.432.7
[/TD] [TD]3.5
[/TD] [TD]1,273.8
[/TD] [TD]4.2
[/TD] [/TR] [TR] [TD]I
[/TD] [TD]6.3
[/TD] [TD]1.660.6
[/TD] [TD]18.7
[/TD] [TD]1.257.9
[/TD] [TD]13.1
[/TD] [/TR] [TR] [TD]J
[/TD] [TD]9.4
[/TD] [TD]2,463.7
[/TD] [TD]5.5
[/TD] [TD]2.599.9
[/TD] [TD]5.0
[/TD] [/TR] [TR] [TD]K
[/TD] [TD]10.5
[/TD] [TD]2,739.5
[/TD] [TD]13.9
[/TD] [TD]1.789.7
[/TD] [TD]-1.1
[/TD] [/TR] [TR] [TD]L
[/TD] [TD]8.5
[/TD] [TD]2,225.5
[/TD] [TD]6.2
[/TD] [TD]2.038.9
[/TD] [TD]0.8
[/TD] [/TR] [TR] [TD]M
[/TD] [TD]7.9
[/TD] [TD]2,065.3
[/TD] [TD]-0.1
[/TD] [TD]1.806.9
[/TD] [TD]-3.0
[/TD] [/TR] [TR] [TD]N
[/TD] [TD]2.6
[/TD] [TD]669.7
[/TD] [TD]8,5
[/TD] [TD]623.8
[/TD] [TD]5.3
[/TD] [/TR] [TR] [TD]O
[/TD] [TD]8.4
[/TD] [TD]2.208.8
[/TD] [TD]9.9
[/TD] [TD]1,844.7
[/TD] [TD]1.6
[/TD] [/TD] [/TR] [TR] [TD]P
[/TD] [TD]5.5
[/TD] [TD]1.451.3
[/TD] [TD]2.6
[/TD] [TD]1.389.9
[/TD] [TD]0.7
[/TD] [/TR] [TR] [TD]Q
[/TD] [TD]4.3
[/TD] [TD]1,123.8
[/TD] [TD]3.7
[/TD] [TD]1.095.1
[/TD] [TD]2.3
[/TD] [/TD] [/TR] [TR] [TD]R
[/TD] [TD]1.4
[/TD] [TD]367.9
[/TD] [TD]5.9
[/TD] [TD]351,0
[/TD] [TD]2.3
[/TD] [/TR] [TR] [TD]
S
[/TD] [TD]1.2
[/TD] [TD]321.8
[/TD] [TD]7.1
[/TD] [TD]305,0
[/TD] [TD]3.9
[/TD] [/TD] [/TR] [TR] [TD]
T
[/TD] [TD]0.7
[/TD] [TD]187.6
[/TD] [TD]1.6
[/TD] [TD]169,5
[/TD] [TD]1,6
[/TD] [/TR] [TR] [TD]
Taxes less grants
[/TD] [TD]-
[/TD] [TD]3.585,1
[/TD] [TD]7,6
[/TD] [TD]3.022,9
[/TD] [TD]2,4
[/TD] [/TR]
Economic activities:
A: Agriculture, Forestry and Fishing
B: Mining and quarrying
C: Manufacturing
D: Supply of Electricity, Gas, Steam and Air Conditioning
E: Water Supply, Sewage Treatment, Waste Management and Remediation Activities
F: Construction
G: Wholesale and retail trade; Repair of motor vehicles and motorcycles
H: Transport and storage
I: Accommodation and food service activities
J: Information and Communication
K: Financial and Insurance Activities
L: Real Estate Management
M: Professional, Scientific and Technical Activities
N: Administrative and Support Activities
O: Public Administration and Defence; Compulsory Social Security
P: Education
Q: Activities related to Human Health and Social Welfare
R: Arts, Entertainment and Recreation
S: Repair of Household Goods and Other Activities
T: Activities of Households as Employers
| Table 2: Gross Domestic Product (GDP) - Expenditure Approach |
|
Expenditure Type |
[TD]
GDP at Current Market Prices
[/TD] [TD]
GDP in Volume Measurements
[/TD] [/TD][TR] [TD]
Euro
Change
(%)
Euro
(millions)
Change
(%)
2023
[/TD] [TD]2023/2022
[/TD] [TD]2023
[/TD] [TD]2023/2022
[/TD] [/TR] [TR] [TD]
Gross Domestic Product (GDP)
[/TD] [TD]29.757.1
[/TD] [TD]7.1
[/TD] [TD]25,697.9
[/TD] [TD]2.5
[/TD] [/TR] [TR] [TD]Public consumption
[/TD] [TD]5.644.1
[/TD] [TD]10.0
[/TD] [TD]4,707.1
[/TD] [TD]1.6
[/TD] [/TR] [TR] [TD]Private consumption
[/TD] [TD]17,861.3
[/TD] [TD]7.6
[/TD] [TD]15.912.5
[/TD] [TD]4.2
[/TD] [/TR] [TR] [TD]Gross capital formation
[/TD] [TD]6.849.8
[/TD] [TD]15.1
[/TD] [TD]6,831.5
[/TD] [TD]27.4
[/TD] [/TR] [TR] [TD]Exports of goods and services
[/TD] [TD]26.562.5
[/TD] [TD]0.6
[/TD] [TD]23,421.5
[/TD] [TD]-1.5
[/TD] [/TR] [TR] [TD]Less: Imports of goods and services
[/TD] [TD]27.160.6
[/TD] [TD]3.2
[/TD] [TD]25.318.2
[/TD] [TD]5,1
[/TD] [/TR]
Methodological information
Purpose
The purpose of estimating GDP nine months after the end of the reference year is to provide a better estimate of the growth rate of the Cypriot economy, while providing information on the main variables of the output, expenditure and income approach.
Calculation and Methodology
The level of GDP in Cyprus is determined by the output and expenditure approaches, while for the income approach an indirect calculation is made in terms of the operating surplus.
Annual National Accounts are produced in current, volume and previous year's prices, published and transmitted to Eurostat two and nine months after the end of the reference year.
Annual National Accounts 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.
Output approach
The GDP calculation is mainly based on the results of the annual economic surveys and quarterly short-term indicators of the Statistical Office, administrative sources, general government data and adjustments calculated according to the European System of Accounts 2010 (ESA 2010).
Expenditure approach
The GDP calculation is based on the calculation of Private and Public Consumption, Gross Fixed Capital Formation, the change in inventories and the external balance of goods and services (Exports minus Imports).
Income approach
The GDP calculation is the sum of the incomes of the whole economy and consists of income from dependent labour, taxes on production and imports less subsidies and gross operating surplus including gross income.
Data source
To produce estimates of the Annual National Accounts, the following data are entered into the calculation system:
- short-term economic indicators by economic activity,
- administrative data,
- annual economic surveys,
- general government data,
- private and public consumption data,
- gross fixed capital formation data,
- change in inventories,
- external balance of goods and services,
- price indices.
For more information, interested parties can visit the Statistical Office Portal, under National Accounts, CYSTAT-DB (Database), Predefined Tables (Excel), Methodological Information or contact Mr. Dimitris Ioannou at tel:+35722605128 or at dioannou@cystat.mof.gov.cy.
(AF/NZ)
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