GDP growth rate in Cyprus based on seasonally and working day adjusted data in real terms in the first quarter of this year is estimated at 0.8%, the Cyprus Statistical Service says.
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, a press release published at its website reads.
“Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 0.8%,” it adds.
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”.
It recalls 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.
The preventive measures applied concerned, amongst others, the restriction of citizen movements and the closure of enterprises of certain economic activities, it says.
Referring to the production of the 2020 Q1 estimate and “due to this unprecedented situation, the Statistical Service had to make some imputations for the short-term indicators used for the month of March,” the press release reads.
These imputations, it explains, were based on information collected from sources other than those used for the usual production of the estimation such as the weekly credit cards transactions and the preliminary results of the Labour Force Survey.
As the problems anticipated were common to all members of the European Union, they were tackled by applying the same methodologies under the supervision and the guidance of European Statistical Office, it says.
“It is essential to note that the various limitations on data sources, resulting from the COVID-19 pandemic, suggest that future revision of the estimation may be of a greater magnitude than usual,” it concludes.