Cyprus’ economy expanded by 3.2% in the second quarter of 2019 on an annual basis, racking up 18 quarters of consecutive growth, official data showed recently.
Compared with the previous quarter, seasonally and working day adjusted data GDP grew by 0.8% in Q2 2019, higher than the 0.6% rate for Q1.
The 3.2% annual growth rate was the same as in Q1 (January-March).
GDP growth is mainly attributed to construction, information and communication, professional, scientific and technical activities, administrative and support service activities, arts, entertainment and recreation.
However, the financial and insurance sector had negative growth.
Seasonally adjusted GDP rose by 0.2% in both the euro area (EA19) and the EU28 during Q2 2019.
In Q1 2019, GDP had grown by 0.4% in the euro area, by 0.5% in the EU28, by 0.6% in Cyprus and by 0.2% in Greece.
Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.2% in the euro area, by 1.4% in the EU28, and by 1.9% in Greece.
Among Member States for which data are available for Q2 2019, Hungary (+1.1%) recorded the highest growth compared with the previous quarter, followed by Romania (+1.0%), Bulgaria, Denmark, Greece, Cyprus, Lithuania and Poland (all +0.8%).
Decreases were observed in the United Kingdom (-0.2%), Germany and Sweden (both -0.1%), while in Italy, stagnation was observed.
Meanwhile he numbers of persons employed increased by 0.2% in the euro area, by 0.3% in the EU28 0.7% in Cyprus and 0.7% in Greece. in Q2 2019 compared with the previous quarter.
In Q1 2019, employment increased by 0.4% in the euro area, by 0.3% in the EU28, 0.8% in Cyprus and 0.7% in Greece.
Compared with the same quarter of the previous year, employment increased by 1.2% in the euro area by 1.0% in the EU28, 3.0% in Cyprus and 2.0% in Greece.
Among EU states for which data are available for Q2 2019, Greece, Cyprus (both +0.7%), Poland, Slovenia (both +0.6%) and Italy (+0.5%) recorded the highest growth compared with the previous quarter.
The largest decreases were observed in Croatia (-1.6%), Latvia (-1.1%), Ireland and Portugal (both -0.6%).
Source: Financial Mirror