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Cyprus enjoyed 1.1% Q4 GDP growth

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In the fourth quarter of 2022, GDP growth in Cyprus was estimated to have increased by 1.1% compared with the previous quarter, while EU growth was static.

This compares with a 0.1% increase in the euro area and no increase in the EU.

Annually, the Cyprus economy grew 4.4% compared with Q4 2021. According to a Eurostat flash estimate, it was 1.9% in the euro area and 1.8% in the EU.

In Q3 2022, GDP had grown by 0.3% in the euro area and the EU and 1.3% in Cyprus compared to the previous quarter.

Also, in Q3, GDP had increased by 2.3% in the euro area, by 2.5% in the EU and by 5.4% in Cyprus compared to the same quarter in 2021.

Based on seasonally and calendar-adjusted quarterly data, GDP increased by 3.5% in the euro area and 3.6% in the EU.

During Q4, GDP in the United States increased by 0.7% from the previous quarter (after +0.8% in Q3).

Compared with the same quarter of the previous year, GDP increased by 1.0% (after +1.9% in the previous quarter).

The number of employed increased by 0.4% in the euro area and the EU in Q4, compared with the previous quarter.

In Q3, employment had increased by 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 1.5% in the euro area and 1.3%, after +1.8% in the euro area and +1.5% in Q3 2022.

Based on quarterly data, employment increased by 2.2% in the euro area and 2.0% in the EU.