Cyprus - Real Gross Domestic Product

For Cyprus, quarterly national accounts since 1995 in euros including GDP, GVA, expenditures, final consumption, and gross capital formation.

• National accounts framework: ESA 2010
• Activity classification: NACE Rev. 2
• Measurements:
  • Millions of euros at chained year-2010 prices (Mil. Ch. 2010 EUR)
  • At current prices (Mil. EUR)
  • Percent change year-over-year (% Y/Y)
  • Percent change quarter-over-quarter (% Q/Q)
• Adjustments:
  • Seasonally adjusted (SA)
  • Not seasonally adjusted (NSA)
• Native frequencies: Quarterly, annual
• Start date: 1995Q1

The framework changed from ESA 95 to ESA 2010 in October 2014.

The Statistical Service of the Republic of Cyprus (CYSTAT) reports the following:

• Growth rates of GDP at constant prices
• GDP, with GVA by industry (aggregates of NACE Rev.1 economic activities)
• GDP by category of expenditure
• Final consumption expenditure
• Gross capital formation

Figures are reported in nominal and real terms.  Real figures use chain-linking.  All quarterly figures are reported both unadjusted and seasonally adjusted (NSA and SA).

Presentation

CYSTAT's system of national accounts presentation includes four tables (for each of current/constant and SA/NSA), which together comprise two alternative breakdowns of GDP:

Gross domestic product (GDP) equals:

• Gross value added (GVA)
  • By industry: Six aggregates of NACE Rev.1 divisions A to P
• Less: FISIM (financial intermediation services indirectly measured)
• Import duties
• VAT (value-added tax)

GDP alternately equals:

• Final consumption expenditure
  • Households
  • NPISHs (non-profit institutions serving households)
  • Government
• Gross capital formation
  • Gross fixed capital formation (GFCF)
    • By investment product: Six P1 to P6
  • Change in inventories
• Exports
• Less: Imports

Classifications

Industries (NACE Rev. 1 economic activities):

• A = Agriculture, hunting and forestry
• B = Fishing
• C = Mining and quarrying
• D = Manufacturing
• E = Electricity, gas and water supply
• F = Construction
• G = Wholesale and retail trade
• H = Hotels and restaurants
• I = Transport, storage and communication
• J = Financial intermediation
• K = Real estate, renting and business activities
• L = Public administration and defense
• M = Education
• N = Health and social work
• O = Other community, social and personal services
• P = Private households with employed persons

Investment product categories in gross capital formation:

• P1 = Products of agriculture, fisheries and aquaculture
• P2 = Equipment: Metal products and machinery
• P3 = Transportation equipment
• P4 = Residential construction
• P5 = Non-residential construction
• P6 = Other products

Changes in methodology

During the COVID-19 pandemic (2020 to 2021), the source wrote:

Due to this unprecedented situation, the Statistical Service had to make some imputations for the short-term indicators used. These imputations were based on information collected from sources other than those used for the usual production of the GDP Estimate (such as the weekly credit cards transactions and the preliminary results of the Labour Force Survey). As the problems anticipated were common to all members of the European Union, they were tackled by applying the same methodologies under the supervision and the guidance of European Statistical Office (Eurostat).

Yes.

The growth rates are reported in "flash" vs. "final" phases, and the source sometimes reports them with one decimal place of precision vs. full precision, respectively. Since we synchronize to the full as-reported history each time, you'll see fluctuation in this respect, apart from intentional revisions.

The flash growth rate is revised over the past four quarters.

Final growth rates are revised over the past 12 quarters.

Quarterly and annual accounts are revised in a four-phase pattern over the course of a year.

Large revisions ("major" or "benchmark") are conducted every five years in September.

Further reading

At the source:

• Explanatory note for the revision of national accounts 1995-2013
• National accounts revision policy (Oct 2019, pdf)
• Major revisoin 2010-2017 (Oct 2019, pdf)

At IMF (SDDS):

• National accounts