Cyprus - Industry, value added (% of GDP)

Industry, value added (% of GDP) in Cyprus was 12.65 as of 2020. Its highest value over the past 45 years was 33.64 in 1980, while its lowest value was 9.98 in 2014.

Definition: Industry corresponds to ISIC divisions 10-45 and includes manufacturing (ISIC divisions 15-37). It comprises value added in mining, manufacturing (also reported as a separate subgroup), construction, electricity, water, and gas. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3 or 4.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1975 25.18
1976 28.84
1977 30.99
1978 33.13
1979 33.22
1980 33.64
1981 32.41
1982 30.86
1983 30.09
1984 29.03
1985 28.49
1986 27.59
1987 27.50
1988 27.50
1989 26.58
1990 25.93
1991 26.74
1992 25.56
1993 24.68
1994 23.23
1995 20.06
1996 20.14
1997 19.65
1998 19.24
1999 18.49
2000 17.69
2001 17.39
2002 17.93
2003 18.01
2004 18.07
2005 17.89
2006 17.83
2007 18.20
2008 17.90
2009 15.95
2010 14.50
2011 12.76
2012 11.77
2013 10.76
2014 9.98
2015 10.20
2016 10.86
2017 11.36
2018 12.18
2019 12.82
2020 12.65

Limitations and Exceptions: Ideally, industrial output should be measured through regular censuses and surveys of firms. But in most developing countries such surveys are infrequent, so earlier survey results must be extrapolated using an appropriate indicator. The choice of sampling unit, which may be the enterprise (where responses may be based on financial records) or the establishment (where production units may be recorded separately), also affects the quality of the data. Moreover, much industrial production is organized in unincorporated or owner-operated ventures that are not captured by surveys aimed at the formal sector. Even in large industries, where regular surveys are more likely, evasion of excise and other taxes and nondisclosure of income lower the estimates of value added. Such problems become more acute as countries move from state control of industry to private enterprise, because new firms and growing numbers of established firms fail to report. In accordance with the System of National Accounts, output should include all such unreported activity as well as the value of illegal activities and other unrecorded, informal, or small-scale operations. Data on these activities need to be collected using techniques other than conventional surveys of firms.

Statistical Concept and Methodology: Gross domestic product (GDP) represents the sum of value added by all its producers. Value added is the value of the gross output of producers less the value of intermediate goods and services consumed in production, before accounting for consumption of fixed capital in production. The United Nations System of National Accounts calls for value added to be valued at either basic prices (excluding net taxes on products) or producer prices (including net taxes on products paid by producers but excluding sales or value added taxes). Both valuations exclude transport charges that are invoiced separately by producers. Total GDP is measured at purchaser prices. Value added by industry is normally measured at basic prices.

Aggregation method: Weighted average

Periodicity: Annual

General Comments: Note: Data for OECD countries are based on ISIC, revision 4.

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts