Seasonally adjusted GDP decreased by 1.3 per cent in Cyprus during the first quarter of 2020, compared with the previous quarter, according to a Eurostat, report published on Friday.
However, despite the gloomy outcome, the country fared better than the EU average, which was estimated at 3.3 per cent, making it the sharpest decline since 1995.
In the fourth quarter of 2019, GDP had grown by 1 per cent in Cyprus, compared with a 0.1 per cent increase in the euro area and 0.2 per cent in the EU.
Meanwhile, the number of employed people decreased by 0.2 per cent in both the euro area and the EU during the first quarter of 2020 compared with the previous quarter.
This is the first decline in the time series since the second quarter of 2013 for the euro area and the first quarter of 2013 for the EU.