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Thursday 9th July 2020
Home News Cyprus economy contracts in third quarter

Cyprus economy contracts in third quarter

ACCORDING to the Flash Estimate compiled by the Cyprus Statistical Service, the Gross Domestic Product (GDP) growth rate in real terms during the third quarter of 2009 is negative and estimated at -2.9% over the corresponding quarter of 2008.

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at -2.7%.

GPP at Constant Prices (source: Cyprus Statistical Service)
GDP at Constant Prices (source: Cyprus Statistical Service)

The contraction of the economy during the third quarter of 2009 is mainly attributed to the very negative growth rates observed in Construction and Hotels and Restaurants as well as the negative performance of Manufacturing, Trade and Transport activities.

The Financial Intermediation activities as well as the broad Services sector continue to record positive growth rates but at a decelerating rate.



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