The revision of the data for the GDP in current prices for 2021, brought the Gross National Product to historically high levels, to € 23,436.7 million with the Cypriot economy recording a record growth in 2021, amounting to 8.4% of GDP to exceed the levels of 2019.
The revision is based on public finance and balance of payments data and affects GDP in previous years. The recession in 2020 amounted to 6% and in 2019 Cyprus had achieved growth of 6.5% and in 2018 6.8%.
Changes
The data announced by the Statistical Service show who were the drivers of the recovery after the pandemic shock. Taxes on production and imports increased by 16.7%, wages of employees increased by 6%, gross income by 3%, fixed consumption by 3.5%.
Substantial support was provided by state support with public consumption increasing by 9.5%, but the formation of fixed capital was hit which decreased by 3%. Private consumption increased by 5.9% and remains the driving force of GDP, reaching 13.874 billion euros and remains below pre-pandemic levels (14.073 billion euros in 2019).
Although the tourism did not fully recover, exports of goods and services jumped 15.9% with the opening of the economy giving a boost to imports (+ 10.7%).
Debt and deficit strong>
The review also improves the deficit and debt ratio. The preliminary results for the year 2021, as they have been audited and certified under the European Commission's Excessive Deficit Procedure, show a budget deficit of € 389.1 million or 1.7% in GDP and fiscal debt of € 24,271 million or 103.6% of GDP.
