26/04/2021 14:33
The Statistical Service announced the decision of the European Commission (EC) to lift the single Specific Reservation in the calculation data of the Gross National Income (GNI) of Cyprus. The Specific Reservation concerned the completion of the work "Balancing of the Supply and Use Tables for the years 2014-2016".
According to a statement, the EC, through Eurostat, conducts regular and extensive audits of the National Statistical Institutes of the Member States on the methods and sources used to produce the GNI statistics. In this context, the Commission reserved its position as to the accuracy of GNI data of Cyprus for the calculation of Member States' contribution to the GNI-based own resource.
As a result, the Statistical Service and specifically the section of National Accounts proceeded with the revision of the balancing of the Supply and Use Tables for the years 2014-2016 and transmitted the relevant data together with the methodological information to Eurostat. Subsequently, during the verification of the revisions included in the GNI Questionnaire, the Statistical Service submitted, as requested from Eurostat, further detailed figures for the revisions carried out under the above Specific Reservation. Eurostat, after analyzing all the information transmitted, informed Cyprus about the positive result of the verification of the work carried out.
It is noted that, Cyprus is one of the few Member States that have succeeded in lifting all Specific Reservations for the calculation of GNI. The successful completion of the verification cycle of the National Accounts of Cyprus confirms the validity, accuracy, reliability and comparability of the National Accounts statistics with all EU Member States.