Cyprus` GDP in 2021 is projected to record a recovery of 3.8%, following a contraction of 5.1% in 2020, according to the June 2021 edition of the Economic Bulletin, issued by the Central Bank of Cyprus.
It adds that in 2022 and 2023 GDP is expected to further grow by 3.1% and 2.5% respectively, marginally lower than the previous forecasts in December 2020.
In the bulletin, the CBC says that in the first quarter of 2021 there was a slight contraction in economic activity of 1.6% due to strict restrictive measures to address the pandemic.
GDP contraction in 2020 by 5.1% is due to all subcategories of expenditure, with the exception of public expenditure, which recorded an increase.
Regarding the labour market, the CBC bulletin says the impact of the pandemic was negative but smaller compared to the impact on GDP, due to economic m
Source: Cyprus News Agency