articles | 05 June 2014

Cyprus GDP drops by 0.7% during Q1 2014

Gross Domestic Product (GDP) dropped in Cyprus by 0.7% during the first quarter of 2014, while during the fourth quarter of 2013 it had dropped by 0.8%, according to Eurostat.

According to estimates published recently by Eurostat, seasonally adjusted GDP rose by 0.2% in the euro area and by 0.3% in the EU28 during the first quarter of 2014, compared with the previous quarter. In the fourth quarter of 2013, GDP grew by 0.3% in the euro area and by 0.4% in the EU28.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 0.9% in the euro area and by 1.4% in the EU28 in the first quarter of 2014, after +0.5% and +1.0% respectively in the previous quarter.

Among member states for which data are available for the first quarter of 2014, Hungary and Poland (both +1.1%), Denmark (+0.9%), Germany and the United Kingdom (both +0.8%) recorded the highest growth compared with the previous quarter. The Netherlands (-1.4%), Estonia (-1.2%), Cyprus and Portugal (both -0.7%) registered the largest decreases.

During the first quarter of 2014, household final consumption expenditure rose by 0.1% in the euro area and by 0.2% in the EU28 (after 0.0% and +0.1% respectively in the previous quarter). Gross fixed capital formation increased by 0.3% in the euro area and by 0.6% in the EU28 (after +0.9% and +1.0%). Exports rose by 0.3% in the euro area and by 0.4% in the EU28 (after +1.4% and +1.5%). Imports increased by 0.8% in the euro area and by 1.1% in the EU28 (after +0.7% and +0.5%).

Household final consumption expenditure had a positive contribution to GDP growth (+0.1 percentage points) both in the euro area and the EU28, as did gross fixed capital formation (+0.1pp in both zones). The contribution of the external balance to GDP growth was negative (-0.2pp in the euro area and -0.3pp in the EU28). The contribution of changes in inventories was positive (+0.2pp in the euro area and +0.3pp in the EU28).

Source: Famagusta Gazette

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