GDP growth rate at 0.8% in Q1 2020, CyStat estimates

The GDP growth rate in real terms during the first quarter of 2020 is positive

GDP growth rate in Cyprus based on seasonally and working day adusted data in real terms in the first quarter of this year is estimated at 0.8%, the Cyprus Statistical Service says.

The GDP growth rate in real terms during the first quarter of 2020 is positive and it is estimated at 0.9% over the corresponding quarter of 2019, a press release published at its website reads.

"Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 0.8%," it adds.

The deceleration in the GDP growth rate is mainly attributed to the sectors: "Hotels and Restaurants", "Manufacturing", "Arts, Entertainment and Recreation", "Other Service Activities" and "Construction".

It recalls that the implementation of precautionary measures and relevant decrees to address the negative consequences of COVID-19 disease had a direct impact on the Cyprus Economy which exhibited a slowdown during the first quarter of 2020.

The preventive measures applied concerned, amongst others, the restriction of citizen movements and the closure of enterprises of certain economic activities, it says.

Referring to the production of the 2020q1 estimate and "due to this unprecedented situation, the Statistical Service had to make some imputations for the short-term indicators used for the month of March," the press release reads.

These imputations, it explains, were based on information collected from sources other than those used for the usual production of the estimation such as the weekly credit cards transactions and the preliminary results of the Labour Force Survey.

As the problems anticipated were common to all members of the European Union, they were tackled by applying the same methodologies under the supervision and the guidance of European Statistical Office, it says.

"It is essential to note that the various limitations on data sources, resulting from the COVID-19 pandemic, suggest that future revision of the estimation may be of a greater magnitude than usual," it concludes.

(CNA)

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Total number of coronavirus cases announced by Cyprus authorities exceeds 1000, three new confirmed on Saturday
Cyprus authorities announced on Saturday three new confirmed SARS-CoV-2 cases after conducting 1,699 lab tests. This brings the total number of confirmed cases to 1,002.
 
One of the persons found positive is Apollon FC football player Djordje Denic, who arrived to the island from Serbia three days ago and underwent a test at the football team’s initiative. The football club issued a press release announcing that the football player tested positive.
 
The other two cases concern people who came into contact with other two confirmed cases announced on June 29 and June 30, as they work with them. The first person found positive, out of these four cases, had come to Cyprus from the US.  The tests for the two persons announced as positive cases today were carried out at the initiative of the company which employees them.
 
A press release issued by the Ministry of Health said that all three positive cases announced on Saturday were detected out of 329 lab tests carried out at the private initiative.  
 
Moreover no positive cases were detected from 157 lab tests carried out in the framework of the programme for checking 10,000 employees who went back to work during phase B and C of easing restrictive measures, from 24 lab tests completed as part of the contact tracing programme, from 834 samples taken from passengers and repatriates, from 97 tests carried out by the Microbiological Labs of  the General Hospitals and from 249 lab tests completed as part of referrals from personal doctors and special groups screening through the public health centres.
 
One patient is currently being treated at Famagusta General Hospital which is the Covid-19 Reference Hospital.

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