Cyprus’ real GDP declined by an annual 1.6% in the first quarter of 2021 but maintained momentum compared with the fourth quarter of 2020, the Statistical Service of Cyprus (Cystat) has said.
According to the Flash Estimate compiled by Cystat, the GDP growth rate in real terms during the first quarter of 2021 is estimated at -1.6% over the respective quarter of 2020, negatively affected by a three- week lock down implemented in January 2021 and other restrictions to contain the spread of the coronavirus pandemic which hampered economic activity.
The Cypriot real GDP marked annual contraction for a fourth consecutive quarter since the outbreak of the Covid pandemic.
The negative GDP growth rate is mainly attributed to the sectors such as "Hotels and Restaurants", "Manufacturing", " Transport, Storage and Communication", "Wholesale and Retail Trade, Repair of Motor Vehicles", "Arts, Entertainment and Recreation", "Other Service Activities", Cystat added.
Based on seasonally adjusted data, Cyprus real GDP in the first quarter of 2021 rose by 2.0% compared with the fourth quarter of 2020 marking quarterly GDP growth for a third consecutive quarter.