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Economy shrinks 1.6% in Q1 amid COVID restrictions

31/05/2021 16:17

The Cypriot economy showed a negative growth rate of 1.6% in the first quarter of 2021, compared to the corresponding quarter of 2020, according to data released Monday by the Statistical Service of Cyprus. This is the fourth consecutive quarter of a negative GDP growth rate, amid restrictions to curb the spread of COVID-19 in Cyprus.

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at -1,6%.

The negative GDP growth rate is mainly attributed to the sectors: "Hotels and Restaurants", "Manufacturing", " Transport, Storage and Communication", "Wholesale and Retail Trade, Repair of Motor Vehicles", "Arts, Entertainment and Recreation", "Other Service Activities".

However, compared to the last quarter of 2020 the economy increased by 2%.