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Cyprus Q2 GDP lags in Eurozone

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In the second quarter of 2023, seasonally adjusted GDP increased by just 0.1% in the euro area and was stable in the EU, but in Cyprus, it decreased compared with the previous quarter, according to Eurostat.

Cyprus has the fourth slowest economy in the Eurozone, with GDP contracting quarterly.

These numbers reflect a subtle shift from the first quarter of 2023, when GDP rose by 0.1% in the Euro area and 0.2% in the EU.

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 Q2 2023.

This follows a more robust expansion of 1.1% in both zones during the previous quarter.

According to Eurostat data, Cyprus’ GDP contracted in Q2 2023 by 0.4% compared to a growth of 1.1% in the previous quarter.

Lithuania (+2.9%) recorded the highest increase in 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%)