ECONOMY: Cyprus GDP growth is double that of European average

Seasonally adjusted GDP rose by 0.4% in both the euro area (EA19) and the EU28 but it was double that in Cyprus at 0.8% in Cyprus during the second quarter of 2018, compared to Q1, according to Eurostat.

In the first quarter of 2018, GDP grew by 0.4% in both areas and by 1% in Cyprus.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 2.1% in both the euro area and the EU28 and by 3.9% in Cyprus, in Q2, after +2.4%, +2.3% and 4.0% respectively in the previous quarter.

During the second quarter of 2018, GDP in the United States increased by 1.0% compared with the previous quarter (after +0.5% in the first quarter of 2018).

Among Member States for Q2, 2018: Malta (+1.9%), Estonia and Romania (both +1.4%) recorded the highest growth compared with the previous quarter, while the lowest growth was observed in Denmark, Greece, France and Italy (all +0.2%).

Household final consumption expenditure rose by 0.2% in the euro area and by 0.3% in the EU28 (after +0.5% in both areas in the previous quarter).

Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU28 (+0.1 and +0.2 percentage points – pp respectively) and the contribution from gross fixed capital formation was also positive in both areas (+0.3 pp and +0.2 pp respectively).