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Economy dipped deeper in Q2 due to Covid-19

19/10/2020 09:13

The impact of the Covid-19 pandemic to the Cypriot economy in the second quarter was slightly deeper than initially estimated, new data released by the Statistical Service of Cyprus (Cystat) show.
According to new data, the Cypriot GDP contracted by an annual 12.2% in the second quarter compared with 11.9% of Cystat`s flash estimate, released in August. The second quarter from April to June includes a one-month full lockdown, which began in mid-March and ended in early May, as part of the government measures to combat the spread of the coronavirus pandemic.
On seasonally adjusted data, Cyprus’ GDP contracted by 12.8% compared with the first quarter of 2020 compared with an annual 11.6% of the initial estimate, while compared with the respective period of 2019 GDP shrank by 12.3% compared with the initial 11.9% of the flash estimate.
Slightly better growth in Q1
According to Cystat, the Cypriot economy faired slightly better in the first quarter with the GDP expanding by 1.1% year on year compared with 0.9% of Cystat’s the flash estimate.
On seasonally adjusted terms, GDP growth in Q1 amounted to -1% quarter on quarter compared with -1.3% while compared with Q1 of 2019 seasonally adjusted growth amounted to 1.3% compared with 0.8%.

For the first half of 2020 the seasonally adjusted growth rate amounted to 5.5%. The Cyprus Finance Ministry revised its estimate for 2020 to up to -5.5% compared with the previous estimate of -7%.