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- Ελληνικά
Growth rate 3.6%
The economy is expected to grow at a positive rate of 3.6% in the second quarter of 2024 compared to the corresponding quarter of 2023. After correcting the Gross Domestic Product (GDP) for seasonal fluctuations and working days, the growth rate is estimated at 3.7%.
The positive GDP growth rate is mainly due to the sectors: "Hotels and Restaurants", "Wholesale and Retail Trade, Repair of Motor Vehicles", "Information and Communication" and "Construction". [/TD] [TD]
[/TD] [TD]
GDP Adjusted for Seasonal and Working Days
[/TD] [/TD] [/TR] [TR] [TD]Comparison with Corresponding Quarter of Previous Year
(% change)
[/TD] [TD][/TD] [TD]
Comparison with Previous Quarter (% change)
[/TD] [/TD] [TD]Comparison with the Corresponding Quarter of the Previous Year
(% change)
[/TD] [/TD] [/TR] [TR] [TD]2023
[/TD] [TD]2nd Quarter
[/TD] [TD]2,2
[/TD] [TD][/TD] [TD]
0,3
[/TD] [TD]2,4
[/TD] [/TR] [TR] [TD]3rd Quarter
[/TD] [TD]2,6
[/TD] [TD][/TD] [TD]
1,1
[/TD] [TD]2,4
[/TD] [/TR] [TR] [TD]4th Quarter
[/TD] [TD]2,1
[/TD] [TD][/TD] [TD]
0.9
[/TD] [TD]2.2
[/TD] [/TR] [TR] [TD]2024
[/TD] [TD]1st Quarter
[/TD] [TD]3,5
[/TD] [TD][/TD] [TD]
1.0
[/TD] [TD]3.3
[/TD] [/TD] [/TR] [TR] [TD]2nd Quarter
[/TD] [TD]3.6
[/TD] [TD][/TD] [TD]
0.7
[/TD] [TD]3,7
[/TD] [/TR][/TABLE]
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 two 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 that applied for the calculation in t+2 months, but with fewer sources of information 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 input into the calculation system:
- short-term economic indicators by economic activity,
- administrative data,
- quarterly employment data,
- price indices.
For more information, interested parties can visit the Statistical Service Portal, under National Accounts, CYSTAT-DB (Database), Predefined Tables (Excel) or contact Ms. Maria Constantinou by phone at 22602226 or by email at mconstantinou@cystat.mof.gov.cy.
Predefined Tables in Excel format include data up to the fourth quarter of 2022. For the first quarter of 2023 and thereafter, updates will only be made to the CYSTAT-DB Database.
(MS/NYAN)
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