At the end of the third quarter of this year, Cyprus recorded a more moderate rate of decline in GDP than before – statistics conclude that economic activity in the country shows some signs of improvement against the backdrop of the coronavirus pandemic.

According to preliminary estimates of the Statistical Service of Cyprus, the real GDP of the country for the reporting period showed an annual growth rate of -4.4%, taking into account seasonal fluctuations. At the same time, compared to the second quarter of 2020, Cyprus’ GDP increased by 9.4% – the economy showed signs of improvement compared to the second quarter of 2020, when strict restrictive measures were applied to contain the COVID-19 pandemic. These had a direct impact on the Cyprus economy, which showed a slowdown in the first quarter and a significant decline in the second.

The lifting of the restrictive measures led to better economic growth in the third quarter compared to the second, the statistics say. It is still too early to sum up the year’s results optimistically – one should consider how the current tightening of restrictions will affect the Cypriot economy.