Cyprus GDP up by 6.1% during second quarter of 2022

Cypriot GDP increased by 6.1% during the second quarter of 2022 compared with the same quarter the previous year, according to a flash estimate published by Eurostat, the statistical office of the European Union. During the first quarter of the year, there was an increase of 6.0% in the GDP compared to last year.

According to the same data, Cypriot GDP increased by 0.6% compared with the previous quarter. During the first quarter of 2022, GDP had increased by 1.3% compared to the last quarter of 2021.

Both in the euro area and in the EU, seasonally adjusted GDP increased by 0.6% compared with the previous quarter.

Eurostat recalls that GDP had grown by 0.5% in the euro area and by 0.6% in the EU, and employment had increased by 0.6% in the euro area and 0.5% in the EU during the first quarter of the year compared to the previous quarter.

Updated data on employment in Cyprus and several other countries were not available by Eurostat for the second quarter of the year.

Cypriot Finance Minister Constantinos Petrides wrote in a post on Twitter, referring to the Eurostat data, that Cyprus has marked the “5th largest increase in the EU, above the EU average” referring to the annual increase. Petrides added that the economy of the country remains resilient despite the ongoing international crisis.

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 3.9% in the euro area and by 4.0% in the EU in the second quarter of 2022, after a 5.4% increase in the euro area and a 5.5% increase in the EU in the previous quarter.

Employment, when compared with the same quarter of the previous year, increased by 2.4% in the euro area and by 2.3% in the EU in the second quarter of 2022, after having increased by 2.9% in the euro area and by 2.8% in the EU in the first quarter of 2022.

Eurostat also provides data regarding GDP growth in the United States for the sake of comparison. During the second quarter of 2022, GDP in the United States decreased by 0.2% compared to the previous quarter (after a 0.4% decrease in the first quarter of 2022). Compared with the same quarter of the previous year, GDP increased by 1.6% (after a 3.5% increase in the previous quarter).

According to the Statistical Service, the positive GDP growth rate is mainly attributed to the sectors of "Hotels and Restaurants", "Transport and Storage", "Information and Communication", "Wholesale and Retail Trade, Repair of Motor Vehicles", "Arts, Entertainment and Recreation" and "Other Service Activities".