Cyprus had EU's third largest GDP increase in Q4 last year

Both GDP and employment increased in the fourth quarter of 2022 compared to the previous quarter in Cyprus, according to estimates released by Eurostat.

In the Eurozone, GDP remained stable and employment increased while in the EU, GDP fell and employment increased.

Cyprus in particular had the third largest increase in GDP and the fourth largest increase in employment compared to the third quarter of 2022. Seasonally adjusted GDP increased by 1.1% (remained stable in the euro area and decreased by 0.1% in the EU), while employment increased by 0.7% (+0.3% in both the Eurozone and EU). In the third quarter of 2022, GDP had grown a quarterly 1.6% in Cyprus (+0.4% in both the euro area and EU).

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 4.5% in Cyprus (+1.8% in the euro area and by 1.7% in the EU) in Q4 of 2022, after having increased by 5.3% (+2.4% in the euro area and +2.6% in the EU) in the previous quarter.

By member state, Greece (+1.4%) recorded the highest increase of GDP compared to the previous quarter, followed by Malta (+1.2%) and Cyprus (+1.1%).

The highest decreases were observed in Poland (-2.4%), Estonia (-1.6%) and Finland (-0.6%).

In terms of employment, the number of employed persons increased by a quarterly 0.7% in Cyprus (+0.3% both in the euro area and EU) in Q4 of 2022. In the third quarter of 2022, employment had increased by 2.0% (+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 3.0% in Cyprus (+1.5% in the euro area and by +1.3% in the EU) in the fourth quarter of 2022, after +3.1% (+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.

Hours worked increased by 0.8% in Cyprus (+0.4% in the euro area and + 0.5% in the EU), compared with the previous quarter. Compared with the same quarter of the previous year, the hours worked increased by 3.5% (+1.3% in the euro area, 1.1% in the EU).

By member state, in the fourth quarter of 2022, Malta (+1.6%), Poland (+0.9%), Estonia, Cyprus and the Netherlands (all +0.7%) recorded the highest growth of employment in persons compared with the previous quarter.

The highest decline of employment was recorded in Portugal (-0.8%), Lithuania and Latvia (both -0.5%).

(Source: CNA)