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Macroeconomics

GDP growth rate 2019Q2-2020Q1

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.

For more information

https://www.mof.gov.cy/mof/cystat/statistics.nsf/All/E093EAFA08EF1607C2258500003DBEE4?OpenDocument&sub=1&sel=1&e=&print 

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