COVID19: Cyprus GDP dips 1.3% in Q1

Seasonally adjusted GDP decreased by 1.3% in Cyprus and 1.6% in Greece, during the first three months of 2020 when coronavirus began to bite, compared with the previous quarter, according to Eurostat.
It was down by 3.6% in the euro area and dipped 3.2% in the EU, the sharpest declines observed since time series started in 1995.

In the fourth quarter of 2019, GDP had grown by 0.1% in both the euro area and the EU, up 1% in Cyprus, but already declined by 0.7% in Greece.

On an annual basis, seasonally adjusted GDP decreased 3.1% in the euro area, -2.6% in the EU,  -0.9% in Greece, but increased by 0.8% in Cyprus from 3.2% in Q4.

During Q1, 2020, GDP in the United States decreased by 1.3% compared with the previous quarter (after +0.5% in Q4, 2019). On an annual basis, GDP increased by 0.3%.

Among EU states, Ireland (+1.2%), Bulgaria and Romania (both +0.3%) as well as Sweden (+0.1%) still recorded positive growth compared with the previous quarter.

GDP fell in all other EU Member states, with the highest declines in France and Italy (both -5.3%) as well as Spain and Slovakia (both -5.2%).

During Q1 2020, household final consumption expenditure decreased by 4.7% in the euro area and by 4.3% in the EU.

Exports decreased by 4.2% in the euro area and by 3.5% in the EU.

Imports decreased by 3.6% in the euro area and by 3.2% in the EU.

Household final consumption expenditure had a strong negative contribution to GDP growth in both the euro area and the EU (-2.5 and -2.3 percentage points) and the contribution from gross fixed capital formation was also negative in both zones (-1.0 and -0.9 pp respectively) as was the contribution of the external balance.