GDP and Employment Decline In The Euro Area, Rise In Cyprus In Q1 2021
GDP and employment recorded a decline in the euro area, whereas they increased in Cyprus in the first quarter of 2021. Seasonally adjusted GDP decreased by 0.3% in the euro area and by 0.1% in the EU in the first quarter of 2021, compared with the previous quarter, but increased in Cyprus by 2.0% and in Greece by 4.4%, according to an estimate published by Eurostat, the statistical office of the European Union.
These declines follow falls in the fourth quarter of 2020 (-0.6% in the euro area and -0.4% in the EU. In Cyprus there was an increase of 1.1% and in Greece a rise of 3.4% after a strong rebound in the third quarter of 2020 (+12.6% in the euro area, +11.7% in the EU, +9.5% in Cyprus and +3.8% in Greece). Before, the sharpest decreases since the time series started in 1995 were observed in the second quarter of 2020 (-11.5% in the euro area and -11.1% in the EU).