Extremely encouraging for the Cypriot economy are the data for the first quarter of 2020, with a decrease in GDP of Cyprus by only 1.3%, a much lower performance compared to most Eurozone countries, according to a new report published by consulting company in the sector of real estate, LionGlobal Advisors.
In particular, the decline recorded by the Cypriot economy during the first quarter of the year in the fourth best performance among the eurozone countries, while the average is 3.6%.
According to a report cited by Eurostat and the Statistics Service, the quarterly change in GDP in the Eurozone in the first quarter of 2020 was 3.6%. During the same period, the largest declines were in France and Italy (5.3%) as well as in Spain and Slovakia (5.2%). Compared to the corresponding quarter of the previous year, the GDP of Cyprus increased by 0.8% in the first quarter of 2020, while the average of the European Union decreased by 2.6%.
Graph 1: GDP change rate in the first quarter of 2020 compared to the previous quarter
Also, according to the report, Cyprus is third in the eurozone in terms of employment growth for the first three months of the year, recording a quarterly increase of 0.5%.
Graph 2: Rate of employment growth against the first quarter of 2020 compared to the previous quarter
Also important is the fact that the real estate sector in our country - which is one of the pillars of the economy - despite the sharp decline in activity in the first quarter of 2020, stood overall at a better level compared to other very strong markets, such as London and New York.
The above data prove the effectiveness of the measures taken by the Republic of Cyprus, both to limit the dispersion of the corona and to support the economy, while at the same time proving the dispersion of the coronavirus and the support the economy, while at the same time proving the resilience of the Cypriot economy to external turmoil. In addition, they strengthen optimism for a speedy recovery and consolidate our country’s position as one of the safest investment destinations.
LionGlobal Advisors as a real estate consulting firm offers a range of services such as investment consulting, investment opportunity analysis, market analysis, project management, real estate management and etc.
LionGlobal Advisors has been actively involved in some of the largest real estate investment agreements in the world. Cyprus, and to date has provided consulting services to investors from around the world.
It is expected that the Cyprus Property Market will fully recover in 2021.