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Growth rate 3.4%
The economy is expected to grow at a positive rate of 3.4% in the first quarter of 2023 compared to the corresponding quarter of 2022. After correcting GDP for seasonal variations and working days, the growth rate is estimated at 3.4%.
The positive GDP growth rate is mainly driven by the sectors: "Hotels & Restaurants", "Transport & Storage", "Information & Communications", "Wholesale & Retail Trade, Repair of Motor Vehicles", "Arts, Entertainment & Recreation", "Other Service Activities" and "Financial Activities".
| Table |
[TR] [TD]
QUARTER
[/TD] [TD]Gross Domestic Product (GDP)
[/TD] [TD] [TD]GDP Adjusted for Seasonal Fluctuations and Working Days
[/TD] [/TD] [/TR] [TR] [TD]Comparison with Corresponding Quarter of the Previous Year
(% change)
[/TD] [TD]Comparison with Previous Quarter (% change)
[/TD] [/TD] [TD] [TD]Comparison with the Corresponding Quarter of the Previous Year
(% change)
[/TD] [/TD] [/TR] [TR] [TD]1st Quarter
[/TD] [TD]6,7
[/TD] [TD]1,8
[/TD] [TD]6,3
[/TD] [/TD] [/TR] [TR] [TD]2nd Quarter
[/TD] [TD]5,9
[/TD] [TD]-0.2
[/TD] [TD]6.4
[/TD] [/TD] [/TR] [TR] [TD]3rd Quarter
[/TD] [TD]5.5
[/TD] [TD]1.9
[/TD] [TD]5.5
[/TD] [/TR] [TR] [TD]4th Quarter
[/TD] [TD]4,6
[/TD] [TD]0.9
[/TD] [TD]4.4
[/TD] [/TR] [TR] [TD]
1st Quarter
[/TD] [TD]3,4
[/TD] [TD]0,8
[/TD] [TD]3,4
[/TD] [/TR] [/TR]
Methodological Information
Purpose
The purpose of the preliminary GDP estimate is to provide a first picture of the growth of the Cypriot economy based on preliminary data, 45 days after the end of the quarter, using fewer sources of information available than those used in the production of the Quarterly National Accounts estimates 2 months after the end of the reference quarter.
Calculation and Methodology
The Quarterly National Accounts are produced using an indirect approach, which is based on short-term indicators that provide information on the evolution of the phenomena under study. In addition, the Chow-Lin approach technique is used to break down the data over time.
The level of GDP in Cyprus is determined by the output and expenditure approaches, while an indirect calculation is used for the income approach.
Quarterly National Accounts are produced in current, volume and previous year's prices, published and transmitted to Eurostat two months after the end of the reference quarter (t+2). The preliminary estimate is obtained by following the same estimation procedure as the one applied for the t+2 calculation, but with fewer information sources available. It is calculated in volume terms 45 days after the end of the reference quarter, published and also transmitted to Eurostat.
Quarterly 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.
Data source
To produce estimates of the Quarterly National Accounts, the following data are entered into the calculation system:
- short-term economic indicators by economic activity
- administrative data
- quarterly employment data
- price indices
For more information:
Statistics Service Portal, repository National Accounts
CYSTAT-DB (Database)
Predefined Tables (Excel)
The Predefined Tables in Excel format include data up to the fourth quarter of 2022. For the first quarter of 2023 and thereafter, the update will be done only in the CYSTAT-DB Database.
Contact
Contact
Constantinou Maria.mconstantinou@cystat.mof.gov.cy
(AF/SX)
Contents of this article including associated images are belongs PIO
Views & opinions expressed are those of the author and/or PIO
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