DPÖ’s Statement on Discrepancies in “Macro Economic Realizations and Estimates” Tables
State Planning Organization Reveals Difference Between Macroeconomic Realization and Forecasts Table
The State Planning Organization (DPÖ) recently made an announcement regarding the difference between the latest version of the macroeconomic realization and forecasts table and the previous version. According to DPÖ, the first table, which was prepared earlier, was based on estimated data for 2022 since the actual figures had not been received. However, the last table was created using the realization figures provided by the Statistical Institute.
In their statement, DPÖ highlighted that the initial table was based on guesswork due to the unavailability of data for 2022. They also mentioned that the table’s text included a disclaimer, stating that changes might occur in the future.
DPÖ further revealed that the Ministry of Finance revised the “macroeconomic targets medium-term plan” table to incorporate the year 2022 after receiving the realization figures from the Statistical Institute. The final version of the table was subsequently sent to the Ministry of Finance on October 6.
The statement emphasized that macroeconomic forecasts inherently involve uncertainty and may not align perfectly with actual figures. Therefore, DPÖ acknowledged its commitment to providing the most up-to-date and accurate data while working within the limitations of macroeconomic predictions.
The provided data by DPÖ showcased the impact of the pandemic on the economy. It displayed negative effects during 2020 but highlighted a significant economic recovery in 2021 and 2022 as pandemic restrictions eased. For instance, GDP Real Growth rate for 2020 was -16.2%, but it increased to 3.9% in 2021 and 13.3% in 2022. Similarly, GDP Per Capita also showed a positive trend, rising from $10,055 in 2020 to $11,129 in 2021 and $14,636 in 2022. These figures demonstrated a notable acceleration of economic growth in the TRNC post-pandemic.
The table also revealed positive developments in terms of foreign trade. Export values increased from $106.4 million in 2020 to $134.8 million in 2021 and $125,594 million in 2022, indicating diversification and increased competitiveness in TRNC’s export markets. Additionally, the Foreign Trade Volume / GDP ratio rose from 46.79% in 2020 to 50.41% in 2021 and 53.086% in 2022, underlining the growing contribution of foreign trade to the country’s economy.
Employment-related data indicated a successful reduction in the unemployment rate. The rate dropped from 10.1% in 2020 to 7.8% in 2021 and 6.3% in 2022, signaling an improving job market and increased workforce productivity.
However, the CPI figures highlighted the need to address inflation. The CPI Year-End rate surged from 15.03% in 2020 to 46.09% in 2021 and 94.51% in 2022, indicating the necessity for TRNC to implement measures ensuring price stability.
DPÖ assured its commitment to providing accurate and updated data, expressing a willingness to collaborate with relevant stakeholders.
