Bi-Weekly Report 19 May – 1 June 2020


GDP growth slowed to, a still solid, 4.5% y-o-y in Q1:20, as COVID-19 took hold

GDP set to contract sharply in Q2:20, amid growing concerns over the limited policy space available to counter the COVID- 19 shock and increasing global headwinds



GDP expanded by an impressive 5.0% y-o-y in Q1:20, with increasing wages outweighing the COVID-19 impact

A bold policy response to the COVID-19 shock, together with favourable base effects, should contain GDP contraction to a “shallow” 2.0% in FY:20



High uncertainty due to COVID-19 and lockdown measures pushed down GDP growth to 0.9% y-o-y in Q1:20

Cyprus enters a severe recession in Q2:20, before slowly rebounding in H2:20

Bi-Weekly Report 19 May – 1 June 2020