World Economy

Cyprus GDP Growth Double of Eurozone

Cyprus GDP Growth Double of EurozoneCyprus GDP Growth Double of Eurozone

Cyprus’ gross domestic product growth expanded by 0.8% in the second quarter of this year compared to the first quarter, double the 0.4% growth rate in both the eurozone and the European Union, Eurostat announced on Friday, Xinhua reported. It was the second time growth in Cyprus was two times that of both areas of Europe. Q1 growth in the eurozone and all EU countries was also 0.4%, and Cypriot growth during the same period was 1%, Eurostat said. Eurozone and EU growth in Q2 was 2.1% on a year-on-year basis and growth in Cyprus was 3.9%, following a 4% growth in Q1, according to seasonally adjusted Eurostat data. The Statistical Service of Cyprus, CyStat, announced that unemployment recorded a marked decrease in Q2, dropping to 7.3% compared with 10.6% in the corresponding quarter of 2017 and over 16% at the peak of the economic crisis between 2013 and 2016. CyStat said a most encouraging development was the drop in unemployment for those between 15 and 24 years of age from 25.3% in Q2 last year to 17.9% in Q2 this year.


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