articles | 09 March 2017

Cyprus in top 10 for EU growth

Cyprus recorded robust real GDP growth of 2.8% year on year in Q4 2016 putting Cyprus in the top 10 in the EU, according to Eurostat.

Topping the list was Romania, which grew in real terms by an astonishing 4.8% over the year earlier in the final quarter of last year.

Cyprus was also beaten by a clutch of other East European countries. Slovenia grew year on year by 3.6%, Croatia by 3.5%, Bulgaria by 3.4%, Poland by 3.1%, Lithuania (and Spain) by 3% and Slovakia by 2.9%.

With a growth rate of 2.8% in the fourth quarter, Cyprus therefore came joint ninth with Estonia.

At the other end of the scale was Greece, still mired in recession and the only country which reported a decline. Real GDP in Greece recorded a year-on-year contraction of 1.1%.

Cyprus did record a higher growth rate than average, however. The EU28 growth rate averaged 1.9%, while the eurozone rose by 1.7%.

Growth in the UK expanded year on year by 2%, the same pace of growth as the third quarter.

Compared with the previous quarter, growth in Cyprus slowed, from 0.8% in the third quarter to 0.5% in the fourth.

Source: InCyprus

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