Cyprus retains its projection for a GDP contraction of 7% due to Covid-19, FinMin says

Cyprus Finance Minister Constantinos Petrides told CNA on Monday that the government maintains its projection that the economy would shrink by 11 percentage points year on year due to the shock caused by the coronavirus.
Cyprus GDP grew by 0.8% in the first quarter but shank by an annual 11.9% in Q2 that included the full effects of a two-month lockdown that hampered financial activity while travel restrictions wiped out tourist arrivals to Cyprus.
“Having analysed the data of the first half of 2020 our projection remains the same, compared with the previous April, our baseline scenario provides for a GDP contraction close to 7% for 2020,” Petrides said, noting that the Cypriot GDP in the six months of 2020 shrank by an 5.5% year on year “which is close to our projections.”
However, Petrides warned that projections are char


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from Cyprus News Agency
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