Cyprus Mail

Cypriot economy third fastest growing in euro area in Q2, Eurostat says

Cyprus’s economy was the third fastest growing in the euro area with a quarterly rate of 0.7 per cent in the second quarter of the year, in which the euro area’s economy grew 0.3 per cent, the European Union’s statistical division said.

Slovakia was the euro area economy with the fastest growth rate, 0.9 per cent in April to June, compared to the first quarter, followed by Spain whose economy grew a quarterly 0.8 per cent, Eurostat said on Tuesday. France, Italy, and Finland saw their respective economic output stagnate in the second quarter.

The economy of the 29 European Union countries grew 0.4 per cent in the second quarter, in which Romania’s gross domestic product rose 1.5 per cent, followed by Hungary with 11 per cent, Eurostat said.

Compared to the second quarter of 2015, the economy of the 19-member currency bloc expanded 1.6 per cent while that of the European Union grew 1.8 per cent, Eurostat said.

Slovakia was again the euro area’s fastest growing economy with an annual growth rate of 3.7 per cent, followed by Spain and Cyprus with 3.2 per cent and 2.7 per cent, Eurostat said. Greece’s economy contracted 0.9 per cent in the second quarter while Finland and Estonia posted a positive growth rate of 0.4 per cent and 0.5 per cent respectively.

The UK economy grew an annual 2.2 per cent in the second quarter, and 0.6 per cent compared to the previous quarter, Eurostat said.

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