According to Eurostat’s revised data for National Accounts, GDP per capita of Cyprus in purchasing power terms in 2013 amounted to €23,600, or 89% of the EU28 average and 83% of the Eurozone average.

According to the same figures, in Greece the GDP per capita in terms of purchasing power was lower at €19,300, or 73% of the EU28 average and 67% of the Eurozone average.

In real terms, the GDP per capita of Cyprus decreased cumulatively by 15.8% in 2008-2013, the Finance Ministry statement said, adding that this was the second largest decline in real GDP per capita, after Greece, which fell 28.9% over the same period.

Compared to other EU member states that have been subjected to an economic adjustment programme, in the same period of 2008-2013, the GDP per capita in real terms in Portugal fell cumulatively by 6.5%, while in Ireland by 11%, the Ministry announcement said.

Ending with a note of optimism, the announcement said that “from the second quarter of 2013, the Cyprus economy has seen signs of recovery.”

Source: Financial Mirror