Cyprus’ GDP contracted in the second quarter of 2023 by 0.4% compared to a growth of 1.1% in the previous quarter, according to Eurostat.
Cyprus’ performance failed to align with the Eurozone, which saw a marginal growth increase of 0.1% on the previous quarter.
“These numbers reflect a subtle shift from the first quarter of 2023 when GDP had risen by 0.1% in the Euro area and by 0.2% in the EU,” said Eurostat. “When compared to the same quarter of the previous year, seasonally adjusted GDP saw a 0.5% growth in the Euro area and a 0.4% growth in the EU during the second quarter of 2023. This follows a more robust expansion of 1.1% in both zones during the previous quarter.”
Lithuania (+2.9%) recorded the highest increase of GDP compared to the previous quarter, followed by Slovenia (+1.4%) and Greece (+1.3%). The highest decreases were observed in Poland (-2.2%), Sweden (-0.8%) and Austria (-0.7%)
