CYPRUS: Cystat revises up GDP to €18.1bn

Cyprus Gross Domestic Product increased by 9.8% or €1.61 bln in 2013, reaching €18.1 bln, following the revision of the National Accounts for the period 1995-2013, a development that is expected to have a positive impact on financial indicators of the last and the current year.
The island’s statistical service Cystat announced that the total impact of the revision of the GDP ranges from +7.5% to +9.8% (2013) of the GDP, for the period 1995-2013.
Specifically, for 2013 the GDP was revised upward by €1.6 bln, to €18.1 bln from €16.5 bln, presenting an increase of 9.8%, the highest of GDP revisions of the previous years.
The 9.8% revision of the GDP, compared to a 9.5%, for 2012, is expected to have a positive effect on the fiscal deficit and the public debt recorded last year, a development that could in turn affect positively financial indicators for 2014.