Cyprus GDP size revised up

The Statistical Service revised up its estimate for the size of the Cypriot economy on Monday, estimating gross domestic product (GDP) in 2008 at EUR 17,247.8 mln, compared with an initial estimate of EUR 16,948.5 mln made in March 2009.
GDP in 2007 was revised up to EUR 15,879.1 mln, from an earlier figure of EUR 15,596.3 mln.
The upward revision to the 2007 figure, implying a higher baseline, was partly why there was a downward revision to the growth rate in real terms (i.e., adjusted for inflation.)
The real GDP growth rate in 2008 is reported at 3.6%, compared with an earlier estimate of 3.7%.
The Statistical Service reported that the national accounts data for the year 2007 have been revised on the basis of the final results from the economic surveys for the reference year, while the revised data for the year 2008 is based on the most recently available indices.
In addition, the revision of national accounts data series 1995-2008 in constant prices is owing to re-calculation with new reference-base year (2005), using the Eurostat chain-linking method.
The Statistical Service said that the revised annual data will be incorporated in the forthcoming release of quarterly national accounts.
It is not known yet whether the revisions will mean that Cyprus has escaped recession after all.