According to the latest figures from Eurostat, the statistical office of the European Union, the Cyprus economy expanded faster than the Eurozone average in the first three months of the year and the country’s GDP has increased by 2.7%.
This can be easily proved using the data, which Eurostat presented, showing that real GDP in Cyprus rose by a seasonally adjusted 0.9% over the previous period in the first quarter, while the Eurozone as a whole rose by 0.6%. Thus, if to compare with the same period of the previous year, Cyprus GDP rose by 2.7% this year.
What is more, Cyprus posted the second highest quarterly growth rate in the EU in the first quarter after Romania, which rose by 1.6%.
Spain, Lithuania, Austria and Slovakia each rose on a quarterly basis by 0.8%, Bulgaria and Germany expanded by 0.7%. Nevertheless, decline was recorded for Hungary (-0.8%), Greece (-0.5%) and Poland (-0.1%), while GDP in Estonia remained stable.
Furthermore, it should be noted, within the GDP category, that gross fixed capital formation increased the fastest, rising by 0.8% in the Eurozone, but this was slower than the growth rate of 1.4% recorded for the fourth quarter of 2015.
Import growth slowed, rising only by 0.7% in the euro area, whereas export growth also slowed by 0.4%.
Household final consumption expenditure accelerated, however, rising by 0.6% in the euro area after an increase in the last quarter of 2015.
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