According to the Flash Estimate compiled by the Statistical Service, the GDP growth rate in real terms during the first quarter of 2020 is positive and it is estimated at +0.9% over the corresponding quarter of 2019. Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at +0.8%.
The deceleration in the GDP growth rate is mainly attributed to the sectors: "Hotels and Restaurants", "Manufacturing", "Arts, Entertainment and Recreation", "Other Service Activities" and "Construction".
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. The preventive measures applied concerned, amongst others, the restriction of citizen movements and the closure of enterprises of certain economic activities.
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