Insider Economy Eurostat: Cyprus economy shrinks annual 1.3% in 1Q 2020

Eurostat: Cyprus economy shrinks annual 1.3% in 1Q 2020

The seasonally adjusted GDP decreased by 3.8% in the euro area, by 3.3% in the EU and by 1.3% in Cyprus during the first quarter of 2020, compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union.

According to Eurostat, these were the sharpest declines observed since time series started in 1995.

In the fourth quarter of 2019, GDP had grown by 0.1% in the euro area, by 0.2% in the EU and by 1.0% in Cyprus.

Compared with the same quarter of the previous year, seasonally adjusted GDP decreased by 3.2% in the euro area by 2.6% in the EU and increased by 0.8% in Cyprus in the first quarter of 2020, after +1.0%, +1.3% and +3.2% respectively in the previous quarter.

These were the sharpest declines since the third quarter of 2009 (-4.5% for euro area and -4.4% for EU).

During the first quarter of 2020, GDP in the United States decreased by 1.2% compared with the previous quarter (after +0.5% in the fourth quarter of 2019). Compared with the same quarter of the previous year, GDP increased by 0.3% (after +2.3% in the previous quarter).

Meanwhile, the number of employed persons decreased by 0.2% in both the euro area and the EU in the first quarter of 2020, compared with the previous quarter.

This is the first decline in the time series since the second quarter of 2013 for the euro area and the first quarter of 2013 for the EU.

In the fourth quarter of 2019, employment had grown by 0.3% in both zones.

Compared with the same quarter of the previous year, employment increased by 0.3% in both the euro area and the EU in the first quarter of 2020, after +1.1% and +1.0% respectively in the fourth quarter of 2019.

These are the lowest growth rates since the first quarter of 2014 for the euro area and the fourth quarter of 2013 for the EU.

(CNA)

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