Cyprus GDP and employment on the rise

Cyprus’ gross domestic product andemployment increased during the fourth quarter of 2022 compared to the previous quarter, while in the eurozone GDP remained stable and employment rose and in the European Union GDP fell and employment went up, according to estimates released by Eurostat, the statistical service of the EU.

Compared to the third quarter of the year, Cyprus posted the third-largest increase in GDP and the fourth-largest rise in employment.

In the fourth quarter of 2022, seasonally adjusted GDP increased by 1.1% in Cyprus compared with the previous quarter (while remaining stable in the euro area and decreasing by 0.1% in the European Union), while employment rose by 0.7% (in comparison with 0.3% in the eurozone and the EU).

Regarding GDP, during the third quarter of 2022, growth reached 1.6% in Cyprus, compared to 0.4% in the euro area and in the EU.

Compared with the same quarter of the previous year, seasonally adjusted GDP was up by 4.5% in Cyprus in the fourth quarter of 2022 (+1.8% in the euro area and +1.7% in the EU), after having increased by 5.3% in the previous quarter (+2.4% in the euro area and +2.6% in the EU).

For the year 2022 as a whole, GDP increased by 3.5% in both the euro area and the EU, after rising 5.3% and 5.4% respectively in 2021.

The number of employed persons increased by 0.7% in Cyprus in the fourth quarter of 2022, compared with the previous quarter (+0.3% in the euro area and in the EU). In the third quarter of 2022, employment had increased by 2.0% (up 0.3% in the euro area and 0.2% in the EU).

Compared with the same quarter of the previous year, employment rose by 3.0% in Cyprus in the fourth quarter of 2022 (+1.5% in the euro area and +1.3% in the EU), after growing 3.1% in the third quarter of 2022 (+1.8% in the euro area and +1.5% in the EU).

According to a preliminary estimation of annual growth for 2022, based on quarterly data, employment increased by 2.2% in the euro area and by 2.0% in the EU.

Hours worked rose by 0.8% in the fourth quarter of 2022, compared with the previous quarter (+0.4% in the euro area and +0.5% in the EU). Compared with the same quarter of the previous year, hours worked in Cyprus increased by 3.5%.