GDP growth rate estimated at -11.9% for second quarter of 2020

The GDP growth rate in real terms during the second quarter of 2020 is negative and it is estimated at -11.9% over the corresponding quarter of 2019, according to the Statistical Service.

The negative GDP growth rate is mainly attributed to the sectors "Hotels and Restaurants", "Manufacturing", "Construction", " Transport, Storage and Communication", "Wholesale and Retail Trade, Repair of Motor Vehicles", "Arts, Entertainment and Recreation", "Other Service Activities".
 
According to the press release, the implementation of precautionary measures and relevant decrees to address the negative consequences of COVID-19 disease had a direct impact on the Cyprus economy which exhibited a slowdown during the first quarter of 2020 and a substantial decrease during the second quarter of 2020.
 
The preventive measures applied concerned, amongst others, the restriction of citizen movements and the temporary closure of enterprises of certain economic activities leading to a significant decrease of the second quarter.