Cyprus economy EUR 30 mln bigger than thought

The size of the Cyprus economy in 2007 was EUR 30.7 mln larger than initial estimates, according to revised national accounts figures from the Statistical Service.
Gross domestic product (GDP) in 2007 is now estimated at EUR 15,596.3 mln at current prices, compared with July estimate of EUR 15,565.6 mln.
However, the growth rate in real terms (adjusted for inflation) is the same, at 4.4%, up from 4.1% in 2006.
The Statistical Service reported that the revised estimate is owing to the incorporation of latest figures for the general government (taxes and consumption), exports and imports of goods and services, as well as figures relating to net factor income from the rest of the world.
Gross national income (formerly known as gross national product, or GNP), was revised down, as the figure for “net factor income from the rest of the world” was revised up from a negative EUR 641.5 mln to EUR 904.3 mln.
A rise in outflows of factor income reflects either higher repatriation of profits from foreign companies doing business in Cyprus or higher remittances abroad from immigrants working in the country.

Fiona Mullen