CBC highlights official statistics and efforts to improve data literacy

Nicosia, Cyprus. The Central Bank of Cyprus (CBC) marked European Statistics Day on Tuesday, emphasising how official statistics help the public, companies and policymakers interpret economic and social change.

Supporting informed decisions

In its announcement, the CBC explained that European Statistics Day, observed annually on October 20, promotes awareness of how official statistics contribute to understanding society and the economy.

The bank said statistics help make a complex world easier to understand. It pointed to figures encountered daily, including loan and deposit interest rates, payments by card, investments and transactions with the rest of the world.

“These numbers are not just data, they are information that helps citizens, businesses and decision-makers make informed decisions,” the CBC said.

Reliable data and the bank’s role

The CBC stressed that reliable statistical output depends on ongoing collection, processing, validation and dissemination, all meeting the highest standards set at European and international levels.

The bank said its observance of the day underlined both the importance of official statistics and its own position as a primary source for monetary and financial statistics, external statistics, quarterly financial accounts and payment statistics.

Strengthening statistical literacy

Interpreting statistical information can be difficult and calls for knowledge and education, the CBC said. It has therefore partnered with other statistical bodies in the Republic on a shared strategic effort to improve statistical literacy.

According to the bank, the initiative seeks to give all potential user groups easier access to data and the ability to interpret them correctly.

The CBC said users can find its statistical data in the dedicated statistics section of its website.