Cyprus GDP contracts 0.4% in Q2

08:07 - 08 September 2023

Economy

Cyprus’ GDP contracted in the second quarter of 2023 by 0.4% compared to a growth of 1.1% in the previous quarter, according to Eurostat.

Cyprus’ performance failed to align with the Eurozone, which saw a marginal growth increase of 0.1% on the previous quarter.

“These numbers reflect a subtle shift from the first quarter of 2023 when GDP had risen by 0.1% in the Euro area and by 0.2% in the EU,” said Eurostat. “When compared to the same quarter of the previous year, seasonally adjusted GDP saw a 0.5% growth in the Euro area and a 0.4% growth in the EU during the second quarter of 2023. This follows a more robust expansion of 1.1% in both zones during the previous quarter.”

Lithuania (+2.9%) recorded the highest increase of GDP compared to the previous quarter, followed by Slovenia (+1.4%) and Greece (+1.3%). The highest decreases were observed in Poland (-2.2%), Sweden (-0.8%) and Austria (-0.7%)

Cyprus GDP contracts 0.4% in Q2

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