Cyprus Mail

Last year’s GDP revised upward to €19.6bn

Cyprus’ economy expanded last year an upwards revised 4.2 per cent in real terms compared to a previous 3.9 per cent, the statistical service said.

In 2016, gross domestic product (GDP) was upwards revised to 4.8 per cent from a previous 3.4 per cent, Cystat said in a statement on Monday.

The Cypriot GDP was upwards revised by €271.1m in 2016 to €18.5bn and in 2017 by €357.2m to €19.6bn, Cystat said.

“The revision for 2016 is due to the incorporation of the data of the annual economic surveys, while for 2017 it is due to the revision of the short-term economic indicators,” Cystat said. “Furthermore, a rebase of the reference year –2010 from 2005– was carried out for the production of volume measures, as well as the application of the non-additivity approach in the chain-linking method for the time series 1995-2017”.

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