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)

Top Stories

127 new cases of COVID-19 on Wednesday

The Health Ministry announced 127 new COVID-19 cases on 21 October, out of 3,309 laboratory tests, taking confirmed infections to 2, 966. The break-down of...

Non-reversible damage to the sight of five patients operated for cataract

The damage to the sight of five out of the eight patients who were operated for cataract and presented serious complications due to infection...

Committee to prepare list of animals for pet shops; reactions

For the first time in Cyprus a list will be prepared with the animals that can be sold in pet shops, however, the issue...

Medical Association on Cyprus’ epidemiological situation

The Cyprus Medical Association is once again asking the public and businesses to make sure not to violate any protocols and to dutifully respect...

15-year-old missing since 20 October (PHOTO)

Police are looking for 15-year-old Antzel Ioannou, who has been reported missing from her place of residence in Nicosia since yesterday, 20 October. Ioannou is...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...