Cyprus GDP growth revised up to 4.6% in Q3, 4.4% in 9mo

Higher foreigners employed than expected

 

The reported real GDP growth rate for Cyprus in the third quarter of 2007 was revised up to 4.6% over the  year-earlier period compared with a flash estimate a few weeks ago of 4.3%.

Real GDP growth in the first nine months of 2007 is estimated at 4.4%, compared with a growth rate for the whole of 2006 of 3.8%.

The Statistical Service said the main reason for the revision of quarterly national accounts is employment data coming from the Ministry of Labour and Social Insurance on the employment of foreigners in Cyprus.

(The number of registered foreign workers was 51,045 in July not including 36,296 EU workers, making a total of 87,341.)

The number of gainfully employed persons in Cyprus has been revised upwards from 364,000 to 367,000 in 2006 and from 370,20 to 377,900 in 2007.

The Statistical Service also reported that the indicative indices on the performance of various economic activities during the third quarter of 2007 compared to the corresponding quarter of 2006 were as follows.

Production volume index of manufacturing +3.5%, tourists arrivals +5.8%, tourism revenue +11.1%, building permits in sq.m. +9.5%, turnover volume index of retail trade +8.2%, turnover value index of telecommunications +12.3%, turnover value index of air transport -3,8% (minus 3.8%) , financial intermediation services +30.5%, imports of goods +14.2%, exports of goods -4.2% (minus 4.2%), registration of motor vehicles +32.1%.