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New statistical standards 2014


The year 2014 is a milestone for the production of statistics and, consequently, for all statistical authorities.

The Central Bank of Cyprus (CBC), in line with other national central banks and in accordance with the new statistical standards European System of Accounts, 2010 (ESA 2010) and Balance of Payments and International Investment Position Manual of the IMF, sixth edition (BPM6), has adapted the statistics it compiles on the external sector, monetary and financial statistics and the financial accounts, and has enhanced the collection process with the implementation of new automated surveys and the use of available administrative sources.

For more information on the implementation of the revised standards in external statistics, monetary and financial statistics and financial accounts, please follow the links below:

http://www.ecb.europa.eu/stats/pdf/Changes_European_statistics.pdf?c84e603839245f436b8c403ed003215e
http://www.ecb.europa.eu/stats/pdf/FAQ_ESA2010-BPM6.pdf?76a582419f444d37f92f4c0864198054
http://www.ecb.europa.eu/pub/pdf/mobu/mb201408en.pdf#page=84.pdf?b2a8bd55b2736b4fefc7288bf9dafe82

In addition to the aforementioned adjustments/upgrades, further changes and benchmark revisions have been introduced/implemented, the most important of which being the publication of data where the  "Special Purpose Entities" (SPEs), registered / incorporated in Cyprus, are classified as residents of Cyprus.

Taking into consideration that these entities are mainly engaged in activities concerning non-residents  and that their interaction with the domestic economy is limited, the CBC proceeded in November 2017 to publish additional supplementary information on the magnitude of the impact of these entities on key indicators of the economy, thus enabling analysts / users to have a more accurate understanding of the real economic and financial data of the economy. 

A related table is attached.