In the second quarter of 2023, seasonally adjusted GDP increased by just 0.1% in the euro area and was stable in the EU, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union.

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.

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.

According to Eurostat data, Cyprus GDP contracted in the second quarter of 2023 by 0.4% compared to a growth of 1.1% in 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%)

Source: Cyprus News Agency