In news that indicates hard time for the Cypriot economy, a Eurostat report has revealed that over 40% of exports have dropped in the period of January to February in 2020.
According to the report, the value of exported goods reached around €0.4 billion – around €0.1 billion less than the average €0.3 billion.
In the meantime, imports remained steady at €1.5 billion – out of which, €0.8 billion was from the EU while the remaining €0.6 billion was from other parts of the world.
This means that Cyprus faced a -€1.0 billion deficit in the aforementioned January-February period.
The struggling economy of the EU along with the growing crisis of the coronavirus pandemic are being touted as the main reasons for this downturn.