18.08.2022
Cyprus GDP increased by 6.1% in the second quarter of 2022 compared to the same quarter of the previous year, according to a quick estimate published by Eurostat, the statistical office of the European Union. In the first quarter of the year, there was an increase in GDP by 6.0% compared to the previous year.
According to the same data, Cyprus GDP increased by 0.6% compared to the previous quarter. In the first quarter of 2022, GDP increased by 1.3% compared to the last quarter of 2021.
In both the euro area and the EU, seasonally adjusted GDP increased by 0.6% quarter-on-quarter.
Eurostat recalls that GDP grew by 0.5% in the euro area and by 0.6% in the EU, while employment increased by 0.6% in the euro area and by 0.5% in the EU during the first quarter of the year compared to previous quarter.
Eurostat did not provide updated data on employment in Cyprus and several other countries for the second quarter of the year.
Cypriot Finance Minister Konstantinos Petrides tweeted, citing Eurostat data, that Cyprus had “5th highest growth in the EU above the EU average”, referring to annual growth. Petrides added that the country’s economy remains resilient amid the ongoing international crisis.
Compared to the same quarter of the previous year, seasonally adjusted GDP increased by 3.9% in the euro area and by 4.0% in the EU in the second quarter of 2022, following a 5.4% increase in the euro area and a growth of 5. 5% in the euro area. EU in the previous quarter.
Employment, compared to the same quarter of the previous year, increased by 2.4% in the euro area and by 2.3% in the EU in the second quarter of 2022, after an increase of 2.9% in the euro area and by 2.8% in Europe. EU in the first quarter of 2022.
Eurostat also provides data on GDP growth in the United States for comparison. During the second quarter of 2022, US GDP decreased by 0.2% quarter-on-quarter (after a 0.4% decline in the first quarter of 2022). Compared to the same quarter of the previous year, GDP increased by 1.6% (after rising by 3.5% in the previous quarter).
