Cyprus: GDP drops again in Q1
The economy shrank a softer 1.6% in annual terms in the first quarter of 2021, following Q4 2020’s contraction of 4.5%. Looking at the details, Q1’s decline largely reflected contractions in the hospitality and manufacturing industries, as well as the transport, storage and communication and retail trade sectors.
Meanwhile, in seasonally-adjusted quarter-on-quarter terms, the economy grew at a stronger pace of 2.0% in Q1, following Q4 2020’s 1.1% increase.
More detailed national accounts data will be released on 31 May.