Q1 GDP up 0.9% q-o-q

Financial Mirror (Cyprus) - - FRONT PAGE -

Sea­son­ally ad­justed GDP rose in Cyprus by 0.9% on a quar­terly ba­sis in the first quar­ter of 2016 and by 2.7% on an an­nual ba­sis, ac­cord­ing to an es­ti­mate pub­lished by Euro­stat, the sta­tis­ti­cal of­fice of the Euro­pean Union.

In the same quar­ter, in the euro area GDP rose by 0.6% and by 0.5% in the EU28 com­pared with the pre­vi­ous quar­ter. In the fourth quar­ter of 2015, GDP grew by 0.4% and 0.5% re­spec­tively. Com­pared with the same quar­ter of the pre­vi­ous year, sea­son­ally ad­justed GDP rose by 1.7% in the euro area and by 1.8% in the EU28 in the first quar­ter of 2016, after +1.7% and +2.0%, re­spec­tively, in the pre­vi­ous quar­ter.

Among mem­ber states for which data is avail­able for the first quar­ter, Ro­ma­nia (+1.6%), Cyprus (+0.9%), Spain, Lithua­nia, Aus­tria and Slo­vakia (all +0.8%), Bul­garia and Ger­many (both +0.7%) recorded the high­est growth com­pared with the pre­vi­ous quar­ter. De­creases were regis­tered in Hun­gary (-0.8%), Greece (-0.5%) and Poland (-0.1%), while GDP in Es­to­nia re­mained sta­ble.

Dur­ing the first quar­ter of 2016, house­hold fi­nal con­sump­tion ex­pen­di­ture rose by 0.6% in both the euro area and in the EU28 (after +0.3% and +0.4%, re­spec­tively, in the pre­vi­ous quar­ter). Gross fixed cap­i­tal for­ma­tion in­creased by 0.8% in the euro area and by 0.5% in the EU28 (after +1.4% and +1.1%). Ex­ports rose by 0.4% in both the euro area and in the EU28 (after +0.7% and +0.8%).

Im­ports in­creased by 0.7% in the euro area and by 0.9% in the EU28 (after +1.4% in both zones). House­hold fi­nal con­sump­tion ex­pen­di­ture had a pos­i­tive con­tri­bu­tion to GDP growth in both the euro area and the EU28 (+0.3 and +0.4 per­cent­age points), as did gross fixed cap­i­tal for­ma­tion (+0.2 pp and +0.1 pp). The con­tri­bu­tion of the ex­ter­nal bal­ance to GDP growth was neg­a­tive for both zones, while the con­tri­bu­tion of changes in in­ven­to­ries was pos­i­tive.

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