GDP growth rate at -4,1% in the third quarter of 2020

Τhe GDP growth rate in real terms during the third quarter of 2020 is negative and it is estimated at -4,1% compare to the corresponding quarter of 2019.

 

According to the Cyprus Statistical Service, based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at -4,4%.

 

The negative GDP growth rate is mainly attributed to the sectors: “Hotels and Restaurants”, “Manufacturing”, ” Transport, Storage and Communication”, “Wholesale and Retail Trade, Repair of Motor Vehicles”, “Arts, Entertainment and Recreation”, “Other Service Activities”.

 

The Statistical Service notes that the implementation of precautionary measures and relevant decrees to address the negative consequences of COVID-19 disease had a direct impact on the Cyprus Economy which exhibited a slowdown during the first quarter of 2020 and a substantial decrease during the second quarter of 2020.

 

The preventive measures applied concerned, inter alia, the restriction of citizen movements and the temporary closure of enterprises of certain economic activities leading to a significant decrease in the 2nd quarter. The lifting of the restrictive measures has led to the improvement of the economic growth rate of the third quarter compared to the second quarter 2020.

 

Source: Cyprus News Agency

Leave a Reply