NICOSIA, Sept. 7 (Xinhua) -- Cyprus' gross domestic product (GDP) growth expanded by 0.8 percent in the second quarter (Q2) of this year compared to the first quarter (Q1), double the 0.4 percent growth rate in both the euro area and the European Union (EU), Eurostat announced on Friday.
It was the second time growth in Cyprus was two times that of both areas of Europe. Q1 growth in the euro area and all EU countries was also 0.4 percent, and Cypriot growth during the same period was 1.0 percent, Eurostat said.
Euro area and EU growth in Q2 was 2.1 percent on a year-on-year basis and growth in Cyprus was 3.9 percent, following a 4.0 percent growth in Q1, according to seasonally adjusted Eurostat data.
The Statistical Service of Cyprus, CyStat, announced that unemployment recorded a marked decrease in Q2, dropping to 7.3 percent compared with 10.6 percent in the corresponding quarter of 2017 and over 16 percent at the peak of the economic crisis between 2013 and 2016.
CyStat said a most encouraging development was the drop of unemployment for those between 15 and 24 years of age from 25.3 percent in Q2 last year to 17.9 percent in Q2 this year.
