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ECONOMY

GDP Growth At 12.9% In The Second Quarter Of 2021

GDP Growth At 12.9% In The Second Quarter Of 2021

Cyprus GDP growth rate in real terms is estimated at 12.9% for the second quarter of 2021, based on seasonally and working day adjusted data, according to data released Wednesday by the Statistical Service of Cyprus.

The GDP growth rate in real terms during the second quarter of 2021 is positive and it is estimated at 12.8% over the corresponding quarter of 2020, before the adjustments.

This is the first quarter in which a positive growth rate is recorded on an annual basis after the onset of the pandemic. The first quarter of 2020 was the last in which there was a GDP growth and had risen to 1.1%. The first lockdown in the second quarter of 2020 was followed by a large drop of 12.6% while GDP had a negative sign for the next three quarters.

The positive GDP growth rate is mainly attributed to the sectors: "Hotels and Restaurants", "Construction", "Manufacturing”, “Transport, Storage and Communication", "Wholesale and Retail Trade, Repair of Motor Vehicles", "Arts, Entertainment and Recreation", "Other Service Activities".

Source: CNA

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