Cyprus GDP 0.9% Increase on Quarterly and 3.9% on Annual Basis in Q3 2017

Seasonally adjusted GDP raised by 0.6% in both the euro area (EA19) and the EU28 during the third quarter of 2017, and by 0.9% in Cyprus compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union.

In the second quarter of 2017, GDP grew by 0.7% in both areas and by 1.0% in Cyprus.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 2.6% in both the euro area and the EU28 in the third quarter of 2017, and by 3.9% in Cyprus, after +2.4% in both zones in the second quarter of 2017 and 3.9% in Cyprus, the Cyprus News Agency reports.

During the third quarter of 2017, GDP in the United States increased by 0.8% compared with the previous quarter (after also +0.8% in the second quarter of 2017). Compared with the same quarter of the previous year, GDP grew by 2.3% (after +2.2% in the second quarter of 2017).

Among member states for which data are available for the third quarter of 2017, Romania (+2.6%), Malta (+1.9%), Latvia (+1.5%) and Poland (+1.2%) recorded the highest growth compared with the previous quarter, while GDP decreased in Denmark (-0.6%) and remained almost stable in Lithuania (+0.1%).

Gross fixed capital formation increased by 1.1% in both zones (after +2.2% in the euro area and +2.0% in the EU28). Exports rose by 1.2% in the euro area and by 0.9% in the EU28 (after +1.0% and +1.1%). Imports increased by 1.1% in the euro area and by 1.0% in the EU28 (after +1.7% and +1.4%).

Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU28 (+0.2 and +0.3 percentage points – pp, respectively) as had gross fixed capital formation (+0.2 pp in both zones). The contribution of the external balance to GDP growth was slightly positive for the euro area and neutral for the EU28.

Source: Gold News