Cyprus: GDP drops at marginally faster pace in Q4
February 26, 2021
Following Q3’s notably softer drop, GDP contracted at a slightly sharper rate in the final quarter of 2020, likely dragged down by the reintroduction of Covid-19 restrictions, including a nationwide curfew that started in late November and was kept in place for the remainder of Q4.
According to a preliminary release, economic activity contracted 4.5% in annual terms in the fourth quarter, deteriorating from Q3s 4.3% drop. Looking at the details, Q4’s decline was chiefly driven by contractions in the hospitality, manufacturing and transport industries, as well as in the retail trade sector.
Meanwhile, in seasonally-adjusted quarter-on-quarter terms, the economy grew at a significantly softer pace of 1.4% in Q4, following Q3’s 8.9% jump.
More detailed national accounts data will be released on 26 February.
Author: Alexandros Petropoulos,