Local
articles | 08 March 2016

Cyprus GDP rises by 0.4% in Q4 2015

Seasonally adjusted GDP rose in Cyprus by 0.4% during Q4 of 2015 compared to the previous quarter and by 2.7% compared to the same quarter of 2014, according to data released recently by Eurostat.

In the euro area GDP rose by 0.3% and by 0.4% in the EU28 during the fourth quarter of 2015, compared with the previous quarter.

In the third quarter of 2015, GDP also grew by 0.3% and 0.4% respectively.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.6% in the euro area and by 1.8% in the EU28 in the fourth quarter of 2015, after +1.6% and +1.9% respectively in the previous quarter.

Among Member States for which data are available for the fourth quarter of 2015, Sweden (+1.3%), Estonia (+1.2%), Poland and Romania (both +1.1%), Hungary and Slovakia (both +1.0%) recorded the highest growth compared with the previous quarter. Decreases were registered in Croatia (-0.5%) and Latvia (-0.3%) while GDP in the Czech Republic remained stable.

During the fourth quarter of 2015, household final consumption expenditure rose by 0.2% in the euro area and by 0.4% in the EU28 (after +0.5% and +0.6% respectively in the previous quarter).

Exports rose by 0.2% in the euro area and by 0.5% in the EU28 (after +0.2% in both zones).

Imports increased by 0.9% in the euro area and by 1.1% in the EU28 (after +1.2% and +1.3%).

Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU28 (+0.1 and +0.2 percentage points).

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

Source: Famagusta Gazette

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