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According to the Flash Estimate compiled by the Statistical Service, the GDP growth rate in real terms during the first quarter of 2021 is negative and it is estimated at -1,6% over the corresponding quarter of 2020. Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at -1,6%. The negative GDP growth rate is mainly attributed to the sectors: "Hotels and Restaurants", "Manufacturing", " Transport, Storage and Communication", "Wholesale and Retail Trade, Repair of Motor Vehicles", "Arts, Entertainment and Recreation", "Other Service Activities". The implementation of precautionary measures and relevant decrees (see the relevant methodological note) to address the negative consequences of COVID-19 disease had a direct impact on the Cyprus Economy which from the beginning of pandemic exhibited for four consecutive quarters, a negative growth rate. STATISTICAL SUBTHEME: NATIONAL ACCOUNTS