GDP in Cyprus rises 3.9% in Q4 2018

Cyprus GDP growth rate in real terms during the fourth quarter of 2018 is estimated at 4.0% over the corresponding quarter of 2017, while based on seasonally and working day adjusted data, GDP growth rate is estimated at 3.9%, according to data published Thursday by the Statistical Service of Cyprus and Eurostat. GDP in Cyprus rose by 1.1% during Q4 2018 compared to the previous quarter.

The increase of the GDP growth rate is mainly attributed to the sectors: “Hotels and Restaurants”, “Retail and Wholesale Trade”, “Construction”, “Manufacturing”, “Professional, scientific and technical activities” and “Administrative and support service activities”. Negative growth rate was recorded by the sector “Financial and Insurance Activities”.

Seasonally adjusted GDP rose by 0.2% in both the euro area (EA19) and the EU28 during the fourth quarter of 2018, compared with the previous quarter. In the third quarter of 2018, GDP had grown by 0.2% in the euro area and by 0.3% in the EU28. Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.2% in the euro area and by 1.4% in the EU28 in the fourth quarter of 2018, after +1.6% and +1.8% respectively in the third quarter. Over the whole year 2018, GDP rose by 1.8% in the euro area and by 1.9% in the EU28, based on seasonally and calendar adjusted quarterly data. The annual growth rate for 2017 was +2.4% for both the euro area and the EU28.

In Greece GPD rose by 1.0% during Q3 2018 compared to Q2 2018 and by 2.2% compared to Q3 2017 (latest available data).

Meanwhile, the number of employed persons increased by 0.3% in the euro area and by 0.2% in the EU28 in the fourth quarter of 2018, compared with the previous quarter. In the third quarter of 2018, employment had grown by 0.2% in both the euro area and in the EU28. Compared with the same quarter of the previous year, employment increased by 1.2% in both the euro area and the EU28 in the fourth quarter of 2018, after +1.3% and +1.2% respectively in the third quarter of 2018. Over the whole year 2018, employment rose by 1.4% in the euro area and by 1.3% in the EU28, based on unadjusted quarterly data. The annual growth rate for 2017 was +1.6% for both the euro area and the EU28.

Source: Cyprus News Agency