COVID19: Cyprus economy contracted 12.3% in Q2

Impact of the Covid-19 pandemic to the Cyprus economy was deeper than expected in the second quarter contracting 12.3% GDP from an initial estimate of 11.9%, new data showed Friday.

The second quarter, April to June, includes one-month of total lockdown which began in mid-March and ended in early May in government measures to combat the spread of coronavirus.

On seasonally adjusted data, Cyprus’ GDP contracted by 12.8% against the previous quarter (Q1 2020) while compared to 2019 GDP shrank by 12.3%.

GDP growth in Q1 was -1% quarter on quarter while compared with Q1 of 2019 seasonally adjusted growth amounted to 1.3%.

The Cyprus Finance Ministry revised its estimate for 2020 to -5.5% GDP contraction compared with the previous estimate of -7%.