Cyprus recorded the largest annual increase (3.8%) and the second largest quarterly increase (1.0%) in its seasonally adjusted GDP among the member the states of the EU in the third quarter of 2024, according to a flash estimate published by Eurostat, the statistical office of the European Union.

On the EU level, according to the same data, in the third quarter of 2024, seasonally adjusted GDP increased by 0.3% in the EU and by 0.4% in the eurozone compared with the previous quarter (in the second quarter of 2024, GDP had grown by 0.3% in the EU and by 0.2% in the eurozone), while employment increased by 0.1% in the EU and by 0.2% in the eurozone compared with the second quarter of 2024.

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 1.0% in the EU and by 0.9% in the eurozone in the third quarter of 2024, after +0.6% in the euro area and +0.8% in the EU in the previous quarter.

Eurostat notes for the sake of comparison that during the third quarter of 2024, GDP in the United States increased by 0.7% compared to the previous quarter (after 0.7% increase in the second quarter of 2024). Compared with the same quarter of the previous year, GDP increased by 2.7% (after 3.0% increase in the previous quarter).

Meanwhile, the number of employed persons increased by 0.1% in the EU and by 0.2% in the eurozone in the third quarter of 2024, compared with the previous quarter. In the second quarter of 2024, employment had grown by 0.1% in both areas.

Compared with the same quarter of the previous year, employment increased by 0.8% in the EU and by 1.0% in the eurozone in the third quarter of 2024, after +0.9% in both areas in the second quarter of 2024.