Cyprus nominal GDP amounted to €31.34 billion in 20223 (current prices) marking an annual increase of 6.5%, according to a major revision for 1995-2022 and a revised estimate for 2023, released Friday by the Statistical Service of Cyprus.

Cyprus’ real GDP (measured in volumes), expanded by 2.6% (instead of the previous 2.5%) amounting to €26.96 billion.

The top five sectors in gross value added

In nominal terms the largest share of the gross value added (GVA) emerged from private consumption and namely Wholesale and retail trade; repair of motor vehicles and motorcycles with €3.31 billion or 12% of the total generated GVA, followed by Information and Communication (ICT) with €3.09 billion or 11.2% of the total.

Real Estate activities came third with €2.83 billion or 10.2% of the total while Financial and Insurance Activities came a close fourth with €2.8 billion or 10.1%. The sector of Professional, scientific and technical activities complemented the top 5 with €2.02 billion of 7.3% of the total GVA.

Cystat said that the scope of major revision of National Accounts for the period 2018-2022 is due to the changes in sources & methods and routine revisions.

The main changes in sources & methods, for the period 2018- 2022, are related to the work on action points from the scheduled verification cycle for the compilation of GDP/GNI, including the incorporation of population and housing census 2021 and Household Budget Survey 2023, and the changes in Government Finance Statistics, Cysat added.