GDP grows by 0.8% quarterly and 3.8% annually in Q1 2018, according to Eurostat

Seasonally adjusted GDP rose by 0.8 in Cyprus during the first quarter for 2018, compared to the previous quarter and by 3.8% in annual basis, according to an estimate published today by Eurostat, the statistical office of the European Union.

Seasonally adjusted GDP rose by 0.4% in both the euro area (EA19) and the EU28 during the first quarter of 2018, compared with the previous quarter, In the fourth quarter of 2017, GDP had grown by 0.7% in both zones. Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 2.5% in the euro area and by 2.4% in the EU28 in the first quarter of 2018, after +2.8% and +2.7% respectively in the previous quarter.

During the first quarter of 2018, GDP in the United States increased by 0.5% compared with the previous quarter (after +0.7% in the fourth quarter of 2017). Compared with the same quarter of the previous year, GDP grew by 2.8% (after +2.6% in the previous quarter).

During the first quarter of 2018, household final consumption expenditure rose by 0.5% in the euro area and by 0.4% in the EU28 (after +0.2% and +0.3% respectively in the previous quarter). Gross fixed capital formation increased by 0.5% in the euro area and by 0.8% in the EU28 (after +1.3% and +1.2%).

Exports fell by 0.4% in the euro area and by 0.3% in the EU28 (after +2.2% and +1.8%). Imports decreased by 0.1% in the euro area and were stable for the EU28 (after +1.5% and +1.4%). Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU28 (+0.3 and +0.2 percentage points � pp respectively) and the contribution from gross fixed capital formation was also positive in both zones (+0.1 pp and +0.2 pp respectively).

The contribution of the external balance to GDP growth was negative for both zones while the contribution of changes in inventories was positive for both zones.

Source: Cyprus News Agency