Ministry of Finance, Statistical Service



30/11/2020
Latest Figures: GDP Growth Rate, 3rd Quarter 2020

Τhe GDP growth rate in real terms during the third quarter of 2020 is negative and it is estimated at -4,1% over the corresponding quarter of 2019. Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at -4,4%.

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".

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 2nd quarter. The lifting of the restrictive measures has led to the improvement of the economic growth rate of the third quarter compared to the second quarter 2020.

EXCEPTIONAL METHODOLOGICAL ADJUSTMENT

Due to this unprecedented situation, the Statistical Service had to make some imputations for the short-term indicators used. These imputations were based on information collected from sources other than those used for the usual production of the GDP Estimate (such as the weekly credit cards transactions and the preliminary results of the Labour Force Survey). As the problems anticipated were common to all members of the European Union, they were tackled by applying the same methodologies under the supervision and the guidance of European Statistical Office (Eurostat).


(https://ec.europa.eu/eurostat/data/metadata/covid-19-support-for-statisticians)

It is important to note that the various limitations on data sources resulting from the COVID-19 pandemic as well as the delayed provision of access to administrative sources owned by other government authorities, e.g. the Ministry of Labour, Welfare and Social Insurance, may have a greater than usual impact on a future revision of the GDP Estimate (positive or negative).


RELATED TABLES

GDP GROWTH RATE

QUARTERLY NATIONAL ACCOUNTS - PRODUCTION

QUARTERLY NATIONAL ACCOUNTS - EXPENDITURE












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