Cyprus: GDP drops at record pace in Q2
Cyprus’ economy deteriorated significantly in the second quarter of the year, reflecting the impact of the Covid-19 pandemic and associated restrictions. According to the preliminary release, GDP contracted 11.9% on an annual basis in the second quarter (Q1: +0.9% year-on-year), which was the worst result on record. In seasonally-adjusted quarter-on-quarter terms, the economy tumbled 11.6% in Q2, following the previous quarter’s 1.3% contraction. Q2’s reading also marked the worst downturn on record.
Q2’s annual collapse was broad-based across sectors, with the hospitality, manufacturing, leisure, transport, trade and construction industries taking the hardest hit.
More detailed national accounts data will be released on 31 August.