Statistical Service estimates Cyprus GDP growth at 4.7% in 2007

Foreign labour boosts growth

 

The Cyprus economy has been growing much faster than expected over the past two years. On Friday the Statistical Service Cystat issued its first estimate for economic growth in 2007, putting real GDP growth at a robust 4.7%, compared with an upwardly revised 4% in 2006.

In nominal terms, GDP is estimated to have exceeded CYP 9 billion, recording CYP 9,066.0 mln (EUR 15,490) at current prices compared with CYP 8,424.2 mln (EUR 14,394) in 2006.

At constant 2000 prices, using the chain-linked method, GDP is estimated at CYP 7,360.6 mln in 2007 compared with CYP 7,053.0 mln in 2006.

Cystat said it should be noted that the revision of national accounts data for the year 2006 is mainly a result of the latest data on employment that has been recently made available from supplementary data sources, such as the Ministry of Labour and Social Insurance, concerning the employment of foreigners in Cyprus.

In particular, the number of gainfully employed persons for 2006 was revised up from 364,800 to 367,000 thousands (0.6%).