Cyprus recorded the largest annual GDP growth among EU member states in the third quarter of 2024, with a 3.8% increase compared to the same quarter last year, according to Eurostat’s latest flash estimate. The country also posted the second-highest quarterly growth, registering a 1.0% rise in seasonally adjusted GDP.
Across the EU, seasonally adjusted GDP grew by 0.3% in the third quarter of 2024, while the eurozone experienced a slightly higher increase of 0.4% compared to the previous quarter. This reflects a modest improvement from the second quarter, where GDP grew by 0.3% in the EU and 0.2% in the eurozone. On an annual basis, GDP rose by 1.0% in the EU and 0.9% in the eurozone during Q3, compared to +0.8% and +0.6%, respectively, in Q2 2024.
For comparison, the United States reported a quarterly GDP increase of 0.7% in Q3 2024, consistent with its Q2 performance. On a year-over-year basis, U.S. GDP grew by 2.7%, slightly lower than the 3.0% recorded in the previous quarter.
Employment figures in the EU also showed marginal growth, increasing by 0.1% in Q3 2024, with the eurozone posting a 0.2% rise. These rates were unchanged from the employment growth recorded in Q2. On an annual scale, employment grew by 0.8% in the EU and 1.0% in the eurozone, following a 0.9% rise in both regions in the previous quarter.
Source: Stockwatch Cyprus