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Cyprus GDP drops slightly in Q2 2023 according to Eurostat estimates

09:55 - 17 August 2023

Economy Reporter

The seasonally adjusted GDP in Cyprus dropped by 0.4% in the second quarter of 2023, compared with the previous quarter but was up by 2.3% on an annual basis, according to a flash estimate published by Eurostat, the statistical office of the European Union.

The GDP had increased by 1.1% in the first quarter of 2023 compared with the fourth quarter of 2022.

Compared to the second quarter of 2022, Cyprus GDP increased by 2.3% during the second quarter of this year. GDP had increased by 3.2% during the first quarter of the year compared with the first quarter last year.

Meanwhile, in the second quarter of 2023, seasonally adjusted GDP increased by 0.3% in the euro area and was stable in the EU, compared with the previous quarter. In the first quarter of 2023, GDP had remained stable in the euro area and had increased by 0.2% in the EU.

During the second quarter of 2023, GDP in the United States increased by 0.6% compared to the previous quarter (after 0.5% in the first quarter of 2023). Compared with the same quarter of the previous year, GDP increased by 2.6% (after 1.8% in the previous quarter).

Eurostat also published estimates on employment, recording an increase by 0.2% in both the euro area and the EU in the second quarter of 2023, compared with the previous quarter. In the first quarter of 2023, employment had increased by 0.5% in both zones.

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 second quarter of 2023, after 1.6% in both zones in the first quarter of 2023.

Eurostat did not publish estimates regarding employment on a member-state level.

(Source: CNA)

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