The seasonally adjusted Gross Domestic Product (GDP) in Cyprus experienced a decrease of 0.4% in the second quarter of 2023 compared to the previous quarter. However, it saw an increase of 2.3% on an annual basis, according to estimates released by Eurostat, the statistical office of the European Union.

During the first quarter of 2023, Cyprus had witnessed a growth of 1.1% in its GDP in comparison to the fourth quarter of 2022.

In comparison to the second quarter of 2022, Cyprus's GDP marked a growth of 2.3% during the second quarter of the current year. In the first quarter of 2023, the GDP had recorded an increase of 3.2% compared to the same period last year.

At the pan-European level, the GDP increased by 0.3% in the Eurozone and remained stable in the EU during the second quarter of 2023 compared to the first quarter. In the first quarter of 2023, the GDP had remained steady in the Eurozone and had grown by 0.2% in the EU.

For comparison purposes, in the second quarter of 2023, the GDP in the United States increased by 0.6% compared to the previous quarter (following a 0.5% increase in the first quarter of 2023). In comparison to the same quarter of the previous year, the GDP grew by 2.6% (following a 1.8% increase in the previous quarter).

Regarding employment at the European level, the number of employed individuals increased by 0.2% both in the Eurozone and the EU during the second quarter of 2023 compared to the first quarter of the year. In the first quarter, employment had risen by 0.5% in both the Eurozone and the EU.

In comparison to the same quarter of the previous year, employment increased by 1.5% in the Eurozone and by 1.3% in the EU during the second quarter of 2023, while it had recorded a growth of 1.6% in both the Eurozone and the EU during the first quarter of 2023.

Eurostat did not provide estimates for employment at the level of member states.