Cyprus construction sector sees rise in both production and prices

Cyprus experienced an increase in both production and producer prices in the construction sector during the year 2023, according to a report released on Friday by the Cyprus Statistical Service (Cystat).

In particular, the Production Index in Construction for the fourth quarter of 2023 rose to 227.99 units, 2015 being the base year, set at 100 units, marking a 9.2 per cent increase compared to the fourth quarter of 2022.

By type of work, there was an 8.4 per cent increase in buildings and a 14.6 per cent increase in civil engineering projects during the fourth quarter of 2023 compared to the same period in 2022.

For the period of January to December 2023, the total index recorded a 7.6 per cent increase compared to the corresponding period of 2022.

Moreover, an increase of 8.3 per cent was recorded for buildings and 3.1 per cent for civil engineering projects.

In addition, the Producer Price Index in Construction for the fourth quarter of 2023 reached 138.29 units, with 2015 being the base year, set at 100 units, showing a marginal increase of 0.8 per cent compared to the third quarter of 2023.

Compared to the same quarter of the previous year, the index increased by 2.7 per cent.

By type of work, there was a 1.4 per cent increase in buildings and a 6.9 per cent increase in civil engineering projects during the fourth quarter of 2023 compared to the same period in 2022.

For the period of January to December 2023, the total index recorded a 4.8 per cent increase compared to the corresponding period of 2022.

Finally, an increase of 1.6 per cent was recorded for buildings and 16.6 per cent for civil engineering projects.