Cyprus GDP growth in 2010 revised up

2009 revised down

Newly released data for the national accounts have resulted in a slight upward revision to real GDP growth in 2010 but a downward revision to 2009.
The growth rate in 2010 is now estimated at 1.1%, compared with 1.0% previously, while the decline in 2009 is estimated at 1.9%, compared with 1.7% previously.
The Statistical Service Cystat said that the national accounts for 2009 were revised on the basis of the final results from economic surveys, while the revised data for 2010 is based on the most recently available indices.
At constant 2005 prices GDP in 2010 is estimated at €15,080.5 mln in 2010 and EUR 14,910.5 mln in 2009.

Slight downward revision to economic size
However, there has been a slight downward revision to the size of the economy.
In nominal, current-price terms, GDP in 2010 is now estimated at EUR 17,333,6 mln, compared with EUR 17,465.1 mln previously. GDP in 2009 is estimated at EUR 16,853.5 mln, down from 16,945.7 previously.
This is partly because of slight revisions to nominal GDP going back to 1995. For example, GDP in 1995 is now estimated at EUR 7,087.7 mln compared with EUR 7,150.4 previously.
Cystat said that the revised national accounts data for the period 1995-2008 is the outcome of the incorporation of mainly methodological improvements.

Fiona Mullen
www.sapientaeconomics.com