The construction sector in Cyprus recorded a 4.7 per cent increase in production during the first half of 2024 compared to the same period in 2023, according to a report released on Wednesday from the Cyprus Statistical Service (Cystat).

The report added that, during the same period of time, producer prices in the construction sector rose by 4.6 per cent year-on-year.

In the second quarter of 2024, the Production Index in Construction reached 119.80 points, with 2021 acting as the base year set at 100 points.

This reflects a 4.8 per cent increase when compared to the second quarter of 2023.

For the January-June 2024 period, the index recorded an overall rise of 4.7 per cent compared to the corresponding period of 2023.

The Producer Price Index in Construction for the second quarter of 2024 rose to 119.82 points, marking a 1.1 per cent increase compared to the first quarter of 2024.

On an annual basis, the index registered a 5.3 per cent rise compared to the second quarter of 2023.

Furthermore, for the first half of 2024, the index increased by 4.6 per cent compared to the same period in 2023.

In comparison, the report showed that the construction sector in 2023 experienced a 6.04 per cent growth in production and a 5.94 per cent increase in producer prices compared to 2022.