COVID19: Cyprus GDP plunges 11.9% in Q2

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COVID19: Cyprus GDP plunges 11.9% in Q2
 © FinancialMirror 2020

Cyprus COVID-ravaged economy plunged an estimated 11.9% of annual GDP in the second quarter of 2020 as it tried to contain the pandemic.

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at -11.9% according to a Flash Estimate announced by the Statistical Service (CyStat)  on Friday.

Quarter on quarter, the GDP decline was 11.6% from -1.3% in Q1 when the economic lockdown had only just begun in mid-March.

Negative GDP growth is mainly attributed to the sectors of Hotels and Restaurants,...

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This article was automatically added to our system 14-8-2020

COVID19: Cyprus GDP plunges 11.9% in Q2

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