The Gross Domestic Product (GDP) of Cyprus at current prices has been revised to €24,018.9 million for 2021 and €21,894.9 million for 2020, according to the Statistical Service.
In addition, the growth rate in real terms (volume measures) is estimated at -4.4% and 6.6% for 2020 and 2021 respectively.
According to the Statistical Service, the data revision for the years 2010-2018 is due to the incorporation of the findings from the Horizontal Reservations imposed on all EU Member States.
It is also stated that for the years 2019-2020, in addition to the findings of the Horizontal Reservations, there were revisions resulting from the finalisation of the Supply and Use Tables and the incorporation of the final results from the Annual Economic Surveys.
Source: Cyprus News Agency