Nicosia, September 6, 2016/Independent Balkan News Agency
Seasonally adjusted GDP in Cyprus rose by 0.7% in the second quarter of 2016, compared to the previous quarter and by 2.7% compared to the same quarter of the previous year, according to Eurostat estimates.
Meanwhile GDP rose by 0.3% in the euro area (EA19) and by 0.4% in the EU28 during the second quarter of 2016, compared with the previous quarter. In the first quarter of 2016, GDP grew by 0.5% in both zones. Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.6% in the euro area and by 1.8% in the EU28 in the second quarter of 2016, after +1.7% and +1.9% respectively in the previous quarter.
According to Eurostat, during the 2nd quarter of 2016, household final consumption expenditure rose by 0.2% in the euro area and by 0.4% in the EU28 (after +0.6% and +0.7% respectively in the previous quarter). Gross fixed capital formation was stable in the euro area and increased by 0.2 % in the EU28 (after +0.4% and +0.1%).
Exports rose by 1.1% in both the euro area and in the EU28 (after 0.0% and +0.1%). Imports increased by 0.4% in the euro area and by 0.6% in the EU28 (after -0.1% and +0.1%). Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU28 (+0.1 and +0.2 percentage points), while the contribution from gross fixed capital formation was neutral in both zones. The contribution of the external balance to GDP growth was positive for both zones, while the contribution of changes in inventories was negative.
Source: Cyprus News Agency