RISE IN GDP AND IN EMPLOYMENT DURING THE THIRD TRIMESTER OF 2018

The updated GDP has risen to 0,2% in the eurozone (EA19), 0,3% in EU28 and 0,8% in Cyprus during the third trimester of 2018 compared to the previous trimester, according to estimations published by the EU Eurostat Statistics. During the second trimester of 2018, GDP has risen to 0,4% in the eurozone, to 0,5% in EU28 and to 0,8% in Cyprus.

In comparison to the same trimester of the previous year, the updated GDP has risen to 1,6% in the eurozone, to 1,8% in EU28 and to 3,7% in Cyprus in the third trimester of 2018, then from +2,2%, +2,1% and 4,0% respectively during the previous trimester.

Among the state members for which there is available data for the first trimester of 2018, Malta (+3,6%) has had the greatest rise compared to the previous trimester, followed by Romania (+1,9%), Latvia and Poland (+1,7%).  Negative growth was observed in Lithuania (-0,3%), Germany and Sweden (from -0,2%) and Italy (-0,1%).

According to Eurostat and the Cyprus News Agency, during the third trimester of 2018, the final consumption expenses of households have risen to 0,1% in the eurozone and to 0,3% in EU28 (then +0,2% and +0,3% respectively in the previous trimester). Gross fixed capital formation has risen to 0,2% in the eurozone as well as in the EU28 (then +1,5% and +1,2%). Exports were reduced 0,1% in the eurozone and have risen 0,3% in EU28 (then +1,0% and +0,7%). Imports have risen 0,5% in the eurozone and 0,3% in the EU28 (then +1,1% and +1,0%).

The final consumption expenses of households contributed positively in the rise of GDP in the eurozone as well as in the EU28 (+0,1 %) and the contribution of gross fixed capital formation was slightly positive in both zones. The contribution of the external balance in the rise of GDP was negative for the eurozone (-0,3%) and neutral (0,0%) for the EU28, while the contribution of changes in stocks was positive for the eurozone (+0,3%) and the EU28 (+0,1%)

Meanwhile, the number of employees has risen to 0,2% in the eurozone as well as the EU28 and 0,8% in Cyprus in the first trimester of 2018, compared to the previous trimester. During the second trimester of 2018, employment has risen to 0,4% in both zones and 1,0% in Cyprus.

Compared to the same trimester of the previous year, employment has risen to 1,3% in the eurozone, 1,2% in the EU28 and 3,7% in Cyprus, the third trimester of 2018 (then +1,5%, +1,3% and 4,3% respectively during the second trimester of 2018).