GDP grows in Cyprus by 3.3% and 0.6% in Q1 2017 in annual and quarterly basis

Cyprus recorded the 7th highest GDP growth rate for the 1st quarter of 2017 in the European Union, in annual basis, according to Eurostat.

In Cyprus, GDP growth for Q1 2017 was 3.3% in annual and 0.6% in quarterly basis.

It is worth noting that all EU countries experienced growth in Q1 2017, both in annual and monthly basis, except for Greece (where GDP contracted by – 0.5% and -0.1% respectively)

According to Eurostat, seasonally adjusted GDP rose by 1.7% in the euro area and by 2.0% in the EU28 in the first quarter of 2017 compared with the same quarter of the previous year, after +1.8% and +1.9% respectively in the previous quarter.

In a quarterly basis GDP grew by 0.5% in both the euro area (EA19) and the EU28 during the first quarter of 2017, compared with the previous quarter. In the fourth quarter of 2016, GDP grew by 0.5% and 0.6% respectively.

Source: Cyprus News Agency