Cyprus construction sector sees price and production increases

Cyprus’ construction sector has seen significant developments in the third quarter of 2023, with both price indices and production on the rise, according to a report released this week by the Cyprus Statistical Service (Cystat).

According to the report, the Producer Price Index in Construction recorded a 4.3 per cent increase for the second quarter of 2023, when compared to the same period in 2022.

The index reached 135.03, with the base year being set at 2015, with the value of that year representing 100 units. Additionally, compared to the previous quarter, the index marked a 1.5 per cent increase.

In a breakdown by project type, the index showed a 0.5 per cent increase in building projects and a remarkable 18.9 per cent surge in civil engineering works during the second quarter of 2023, compared to the same period in 2022.

Furthermore, the Production Index in Construction for the second quarter of 2023 reached 203.62 units, with the base year again being set at 2015, reflecting a substantial 7.4 per cent increase, when compared to the second quarter of 2022.

What is more, when compared to the previous quarter, the index soared by 10.64 per cent.

A more detailed examination of the data reveals a 9 per cent increase in building projects and a 1.4 per cent decrease in civil engineering works in the second quarter of 2023, when compared to the same period in 2022.