19/11/2020 08:56
The preliminary estimate published by the Statistical Service of Cyprus over a growth rate of -4.4% GDP in the third quarter of 2020 confirms our projections that contraction will be limited to -5.5% in 2020 due to the coronavirus pandemic, the Finance Ministry has said.
The Ministry said in statement that economic contraction in Cyprus will be less severe than the EU average.
The Cypriot economy shrank by 5.6% in the first half of 2020 and is estimated to recover with a 4.5% growth in 2021.
Furthermore, the Ministry said that the contraction of the Cypriot economy is solely attributed to the implementation of one-off measures to tackle the adverse impact of the coronavirus pandemic, adding that the European Commission has acknowledged that these measures have supported jobs, the disposable income of households and corporations, limiting the impact on domestic demand which is already reflected in consumption.
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