The GDP growth rate in real terms during the second quarter of 2020 is negative and it is estimated at -11.9% over the corresponding quarter of 2019, according to the Statistical Service.
The negative GDP growth rate is mainly attributed to the following sectors:
» Hotels and Restaurants
» Transport, Storage and Communication
» Wholesale and Retail Trade, Repair of Motor Vehicles
» Arts, Entertainment and Recreation
» Other Service Activities
According to the press release, the implementation of precautionary measures and relevant decrees to address the negative consequences of COVID-19 had a direct impact on 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, amongst others, the restriction of citizen movements, and the temporary closure of enterprises of certain economic activities, leading to a significant decrease in the second quarter.