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Cyprus GDP Q2 growth slows

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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% annually, according to a flash estimate by Eurostat.

GDP increased by 1.1% in the first quarter of 2023 compared with Q4 2022.

Compared with Q2 2022, Cyprus’ GDP increased by 2.3% during the second quarter of this year.

GDP had increased by 3.2% during Q1 of the year compared with last year’s first quarter.

Meanwhile, in Q2 2023, seasonally adjusted GDP increased by 0.3% in the euro area and was stable in the EU compared with the previous quarter.

In Q1 2023, GDP had remained stable in the euro area and had increased by 0.2% in the EU.

During Q2 2023, GDP in the United States increased by 0.6% compared to the previous quarter (after 0.5% in Q1 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 of 0.2% in both the euro area and the EU in Q2 2023, compared with the previous quarter.

In Q1 2023, employment 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 1.3% in the EU in Q2 2023, after 1.6% in both zones in Q1 2023.