Eurostat Estimates 1.1% Quarterly Increase And 4.4% Annual Increase For Cypriot GDP During Fourth Quarter Of 2022

In the fourth quarter of 2022, the GDP of Cyprus is estimated to have increased by 1.1% compared with the previous quarter (compared with 0.1% increase in the euro area and no increase in the EU), as well as by 4.4% compared with the fourth quarter of 2021 (compared to 1.9% in the euro area and 1.8% in the EU), according to a flash estimate published by Eurostat, the statistical office of the European Union.

In the third quarter of 2022, GDP had grown by 0.3% in both the euro area and the EU, and by 1.3% in Cyprus compared to the previous quarter. Also in the third quarter of 2022, GDP had increased by 2.3% in the euro area, by 2.5% in the EU and by 5.4% in Cyprus compared to the same quarter last year.

According to a first estimation of annual growth for 2022, based on seasonally and calendar adjusted quarterly data, GDP increased by 3.5% in the euro area and by 3.6% in the EU.

During the fourth quarter of 2022, GDP in the United States increased by 0.7% compared to the previous quarter (after +0.8% in the third quarter of 2022). Compared with the same quarter of the previous year, GDP increased by 1.0% (after +1.9% in the previous quarter).

According to Eurostat data on employment, the number of employed persons increased by 0.4% both in the euro area and in the EU in the fourth quarter of 2022, compared with the previous quarter. In the third quarter of 2022, employment had increased by 0.3% in the euro area and by 0.2% in the EU.

Compared with the same quarter of the previous year, employment increased by 1.5% in the euro area and by 1.3% in the EU in the fourth quarter of 2022, after +1.8% in the euro area and +1.5% in the EU in the third quarter of 2022.

According to a first estimation of annual growth for 2022, based on quarterly data, employment increased by 2.2% in the euro area and by 2.0% in the EU.

Source: CNA