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Growth rate of 3.5%
The economy is expected to grow at a positive rate of 3.5% in the first quarter of 2024 compared to the corresponding quarter of 2023. After correcting GDP for seasonal fluctuations and working days, the growth rate is estimated at 3.4%.
Regarding the production approach for calculating GDP, the positive growth rate is mainly due to the sectors: "Hotels and Restaurants", "Construction", "Information and Communications", "Wholesale and Retail Trade, Repair of Motor Vehicles", "Arts, Entertainment and Recreation, Repair of Household Goods and Other Activities". (Table 1)
| Table 1 |
[TR] [TR] [TD]
Economic activity (NACE Rev.2)
[/TD] [TD]
GDP in Volume Measures Adjusted for Seasonal and Working Days
[/TD] [/TR] [TR] [TD]Euro (million)
[/TD] [TD]Change (%)
[/TD] [/TR] [TR] [TD]T1
2024
[/TD] [TD]T1
2024/23
[/TD] [TD]T1 2024/
T4 2023
[/TD] [/TR] [TR] [TD]Gross Domestic Product (GDP)
[/TD] [TD]6.590.7
[/TD] [TD]
3.4
[/TD] [TD]1.2
[/TD] [/TR] [TR] [TD]A
[/TD] [TD]94.0
[/TD] [TD]0,9
[/TD] [TD]0.0
[/TD] [/TR] [TR] [TD]
B - E
[/TD] [TD]400.7
[/TD] [TD]4.8
[/TD] [TD]1,6
[/TD] [/TR] [TR] [TD]C
[/TD] [TD]318.9
[/TD] [TD]3.4
[/TD] [TD]0.9
[/TD] [/TR] [TR] [TD]F
[/TD] [TD]378,4
[/TD] [TD]10.2
[/TD] [TD]4.9
[/TD] [/TD] [/TR] [TR] [TD]
G - I
[/TD] [TD]1.386.3
[/TD] [TD]3.7
[/TD] [TD]0.7
[/TD] [/TR] [TR] [TD]
J
[/TD] [TD]669.1
[/TD] [TD]4,4
[/TD] [TD]1.3
[/TD] [/TR] [TR] [TD]
K
[/TD] [TD]449.1
[/TD] [TD]-1.1
[/TD] [TD]0,4
[/TD] [/TR] [TR] [TD]
L
[/TD] [TD]511.9
[/TD] [TD]0.8
[/TD] [TD]0.1
[/TD] [/TR] [TR] [TD]M & N
[/TD] [TD]635,9
[/TD] [TD]4.8
[/TD] [TD]2.4
[/TD] [/TR] [TR] [TD]
O - Q
[/TD] [TD]1.114.2
[/TD] [TD]3.2
[/TD] [TD]1.8
[/TD] [/TR] [TR] [TD]
R - U
[/TD] [TD]205.0
[/TD] [TD]2.1
[/TD] [TD]-2,7
[/TD] [/TR] [TR] [TD][/TD] [TD] [/TD] [TD] [/TD] [TD] [/TD] [/TR]
Economic activities:
A: Agriculture, Forestry and Fishing
B - E: Mining and Quarrying? Manufacturing? Water Supply, Sewage Treatment, Waste Management and Remediation Activities
C: Manufacturing
F: Construction
G - I: Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles; Wholesale and Retail Trade; Wholesale and Retail Trade; Motor Vehicle and Motorcycle Repair? 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; and Administrative and Support 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] [TD]
Type Expenditure type
[/TD] [/TD] [TD]
GDP in Volume Measurements Adjusted for Seasonal and Working Capital Variations days
[/TD] [/TD] [/TR] [TR] [TD]Euro (million)
[/TD] [TD]Change (%)
[/TD] [/TD] [/TR] [TR] [TD]
T1
2024
[/TD] [/TD] [TD]
T1
2024/23
[/TD] [TD]T1 2024/
T4 2023
[/TD] [/TR] [TR] [TD]Gross Domestic Product (GDP)
[/TD] [TD]6.590.7
[/TD] [/TD] [TD]3.4
[/TD] [TD]1.2
[/TD] [/TR] [TR] [TD]Total Final Consumption Expenditure
[/TD] [TD]5.323.1
[/TD] [TD]
3.7
[/TD] [TD]1.0
[/TD] [/TR] [TR] [TD]Of which:
Households and MFIs
[/TD] [TD]4.089,5
[/TD] [TD]3,8
[/TD] [TD]0,4
[/TD] [/TR] [TR] [TD]General government
[/TD] [TD]1.233.0
[/TD] [TD]3.7
[/TD] [TD]2.7
[/TD] [/TR] [TR] [TD]Gross Fixed Capital Formation (GFCF)
[/TD] [TD]1.258,6
[/TD] [/TD] [TD]-34,1
[/TD] [TD]21,6
[/TD] [/TR] [TR] [TD]GFCF excluding ships and aircraft
[/TD] [/TD] [TD]1.325.5
[/TD] [TD]4.9
[/TD] [TD]-2.9
[/TD] [/TR] [TR] [TD]Imports of goods and services
[/TD] [TD]5.969.2
[/TD] [TD]-13.3
[/TD] [TD]3.2
[/TD] [/TR] [TR] [TD]Exports of Goods and Services
[/TD] [TD]5.923.4
[/TD] [TD]
0.4
[/TD] [TD]2.6
[/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 performing 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 the public can visit the Statistical Service Portal, under National Accounts, CYSTAT-DB (Database), Predefined Tables (Excel), Methodological Information or contact Ms. Maria Constantinou at 22602266 or at mconstantinou@cystat.mof.gov.cy
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