09/06/2022 07:40
Seasonally adjusted GDP as well as employment in the eurozone increased in the first quarter of 2022 by 0.6%, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union.
In the EU during the same period, GDP rose by 0.7% and employment rose by 0.5%, according to the same estimate.
In the fourth quarter of 2021, GDP had grown by 0.2% in the euro area and 0.5% in the EU.
In Cyprus, GDP rose by 1% during the first quarter of 2022 compared with the previous quarter. The increase was above the EU and the eurozone average. During the last quarter of 2021, GDP had increased by 0.9%.
Employment in Cyprus also rose by 0.6% in the first quarter of 2022, above the EU average but below the eurozone average. During the previous quarter, employment had increased by 0.4%.
Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 5.4% in the euro area and by 5.6% in the EU in the first quarter of 2022, after +4.7% in the euro area and +4.9% in the EU in the fourth quarter of 2021.
In Cyprus, GDP increased by 5.6% compared with the first quarter of 2021. During the last quarter of 2021, GDP had increased by 5.9% compared with the previous year.
Ireland (10.8%) recorded the highest increase of GDP compared to the previous quarter, followed by Romania (5.2%) and Latvia (3.6%).
Decreases were observed in Sweden (0.8%), France (0.2%) and Denmark (0.1%).
Eurostat also provided data regarding the GDP of the United States for the sake of comparison.
During the first quarter of 2022, GDP in the United States decreased by 0.4% compared with the previous quarter (after +1.7% in the fourth quarter of 2021). Compared with the same quarter of the previous year, GDP increased by 3.5% (after +5.5% in the fourth quarter of 2021).
Based on seasonally adjusted figures, GDP volumes in the euro area and EU were 0.8% and 1.5% respectively above the level recorded in the fourth quarter of 2019, before the COVID-19 outbreak. For the United States, GDP was 2.8% higher than the level of the fourth quarter of 2019.