In the third quarter of 2024, Cyprus achieved the highest annual GDP increase among EU member states, recording a notable 3.8% growth, along with the second-highest quarterly rise of 1.0%, according to Eurostat’s latest report.
Across the EU, seasonally adjusted GDP grew by 0.3% during the same period, with the eurozone experiencing a slightly higher quarterly increase of 0.4%. This compares to Q2 growth rates of 0.3% in the EU and 0.2% in the eurozone. Year-over-year, GDP rose by 1.0% in the EU and 0.9% in the eurozone, reflecting steady progress.
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For context, the U.S. reported a 0.7% GDP increase in Q3 2024, consistent with its Q2 performance. On an annual basis, the U.S. economy grew by 2.7%, a slight slowdown from 3.0% in the previous quarter.
Employment in the EU and eurozone also edged up, with quarterly increases of 0.1% and 0.2% respectively, and annual gains of 0.8% in the EU and 1.0% in the eurozone, signalling continued, if modest, job growth.
Cyprus’ exceptional GDP performance underscores its economic strength within the EU amid broader regional and global trends.
