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Growth rate 3.4%
The growth rate of the economy in the first quarter of 2023 is positive and is estimated at 3.4% compared to the corresponding quarter of 2022. After correcting GDP for seasonal fluctuations and working days, the growth rate is estimated at 3.4%.
[BR]Regarding the production approach for calculating GDP, the positive growth rate is mainly due to the sectors: "Hotels and Restaurants", "Wholesale and Retail Trade, Repair of Motor Vehicles", "Transport and Storage", "Information and Communication" and "Financial and Insurance Activities". (Table 1)
| Table 1 |
[TR] [TD] [TD]
Economic activity (NACE Rev.2)
[/TD] [TD]
GDP in Volume Measures Adjusted for Seasonal Fluctuations and Working Days
[/TD] [/TR] [TR] [TD]Euro (million)
[/TD] [/TD] [TD]Change (%)
[/TD] [/TR] [TR] [TD]T1
2023
[/TD] [TD]T1
2023/22
[/TD] [TD]T1 2023/
T4 2022
[/TD] [/TR] [TR] [TD]Gross Domestic Product (GDP)
[/TD] [TD]6.199.7
[/TD] [TD]
3.4
[/TD] [TD]0.8
[/TD] [/TR] [TR] [TD]A
[/TD] [TD]93.8
[/TD] [TD]0,8
[/TD] [TD]-0.1
[/TD] [/TR] [TR] [TD]
B -E
[/TD] [TD]410.5
[/TD] [TD]0.4
[/TD] [TD]1,3
[/TD] [/TR] [TR] [TD]C
[/TD] [TD]327.1
[/TD] [TD]1.6
[/TD] [TD]0.4
[/TD] [/TR] [TR] [TD]F
[/TD] [TD]368,5
[/TD] [TD]1.4
[/TD] [TD]1.3
[/TD] [/TR] [TR] [TD]
G -I
[/TD] [/TD] [TD]1.193.8
[/TD] [TD]7.2
[/TD] [TD]1.4
[/TD] [/TD] [/TR] [TR] [TD]
J
[/TD] [TD]573.7
[/TD] [TD]5,8
[/TD] [TD]1.0
[/TD] [/TD] [/TR] [TR] [TD]
K
[/TD] [TD]466.7
[/TD] [TD]5.3
[/TD] [TD]1,0
[/TD] [/TR] [TR] [TD]L
[/TD] [TD]493.3
[/TD] [TD]0.7
[/TD] [TD]-0.2
[/TD] [/TR] [TR] [TD]M & N
[/TD] [TD]607,7
[/TD] [TD]2.6
[/TD] [TD]0.4
[/TD] [/TD] [/TR] [TR] [TD]
O-Q
[/TD] [/TD] [TD]1.056.6
[/TD] [TD]1.2
[/TD] [TD]-0.4
[/TD] [/TR] [TR] [TD]
R- U
[/TD] [TD]205,4
[/TD] [TD]1.8
[/TD] [TD]1.0
[/TD] [/TD] [/TR]
Economic activities:
A: Agriculture, Forestry and Fishing
B- E: Mining and Quarrying? Manufacturing? Electricity, Gas, Steam and Air Conditioning; Mining and quarrying; Mining and quarrying; Mining and quarrying; Mining and quarrying; Mining and quarrying; Water Supply, Wastewater Treatment, Waste Management and Remediation Activities
C: Manufacturing
F: Construction
G- I: Wholesale and retail trade; Repair of motor vehicles and motorcycles; Transport and storage; Motor vehicle and motorcycle repair; Motor vehicle and motorcycle maintenance; Transport and storage; Transport and storage; Accommodation and food service activities
J: Information and communication
K: Financial and Insurance Activities
L: Real Estate Management
M & N: Professional, Scientific and Technical Activities? Administrative and Supporting Activities
O- Q: Public Administration and Defence; Compulsory Social Security? Education Activities Related to Human Health and Social Welfare
R- U: Arts, Entertainment and Recreation, Repair of household goods and other activities
| Table 2 |
[TR] [TD]
Type Expenditure
[/TD] [/TD] [TD]
GDP in Volume Measurements Adjusted for Seasonal and Working Capital Fluctuations Days
[/TD] [/TR] [TR] [TD]Euro (million)
[/TD] [TD]Change (%)
[/TD] [/TR] [TR] [TD]
T1
2023
[/TD] [TD]T1
[/TD] [TD]T1
[/TD] [TD]T1
2023/22
[/TD] [TD]T1 2023/
T4 2022
[/TD] [/TR] [TR] [TD]Gross Domestic Product (GDP)
[/TD] [TD]6.199.7
[/TD] [TD]3.4
[/TD] [TD]0.8
[/TD] [/TR] [TR] [TD]Total Final Consumption Expenditure
[/TD] [TD]4.945.3
[/TD] [TD]4.8
[/TD] [TD]0.5
[/TD] [/TR] [TR] [TD]Of which:
Households and MFIs
[/TD] [TD]3.759,8
[/TD] [TD]5,0
[/TD] [TD]-1,1
[/TD] [/TR] [TR] [TD]General Government
[/TD] [TD]1.185.4
[/TD] [TD]4.2
[/TD] [TD]6.1
[/TD] [/TR] [TR] [TD]
Gross Fixed Capital Formation (GFCF)
[/TD] [TD]1.870,9
[/TD] [/TD] [TD]56,0
[/TD] [TD]128,5
[/TD] [/TD] [/TR] [TR] [TD]GFCF excluding ships and aircraft
[/TD] [TD]1.198.9
[/TD] [TD]6.3
[/TD] [TD]-2.6
[/TD] [/TR] [TR] [TD]
Imports of goods and services
[/TD] [TD]6.575.3
[/TD] [TD]19.2
[/TD] [TD]16.7
[/TD] [/TR] [TR] [TD]Exports of goods and services
[/TD] [TD]5.589.5
[/TD] [TD]2.4
[/TD] [TD]-1.9
[/TD] [/TR]
MCIEN: Non-profit Institutions Serving Households
Methodological Information
Purpose
The purpose of estimating GDP two months after the end of the reference quarter is to provide a better estimate of the growth rate of the Cypriot economy, while providing information on the main variables of the output and expenditure approach.
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 input into the calculation system:
- short-term economic indicators by economic activity,
- administrative data,
- quarterly employment data,
- price indices.
For more information:
Statistical Service Portal, under National Accounts
CYSTAT-DB (Database)
Predefined Tables (Excel)
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.: mconstantinou@cystat.mof.gov.cy
(NΓ/EXP)
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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