The construction sector in Cyprus recorded robust growth in 2023, with value added rising by 9.4 per cent compared to 2022, according to the results of a survey released on Tuesday by the state statistical service.

The latest figures show that production value of the broader construction sector increased by 12 per cent, reaching €6.23 billion in 2023, up from €5.56 billion in 2022.

Moreover, value added at current prices climbed to €1.58 billion, compared with €1.44 billion in the previous year.

The increase in value added reflected the sector’s overall positive performance, driven primarily by growth in new construction activities and a rise in employment.

Additionally, new construction projects reached €3.59 billion in 2023, up by 5.9 per cent from 2022.

Within this category, residential buildings saw an increase of 6.2 per cent, while non-residential buildings grew by 4.5 per cent.

Civil engineering works recorded a 6.4 per cent increase, showing strong activity in infrastructure and related projects.

Meanwhile, employment in the construction sector also improved, rising by 4 per cent in 2023.

The sector employed 38,900 people on average throughout the year, measured in full-time equivalent terms, compared to 37,500 in 2022.

The service explained that the data was collected from a sample of around 1,360 enterprises engaged in construction and land development activities across the island.

The survey defined production value as the sum of turnover, other income, and stock value changes, minus the cost of goods and property purchased for resale.

Value added, meanwhile, was derived by subtracting production expenses, administrative costs, and rent from the total production value.

Employment figures reflected the average number of employees and self-employed individuals throughout the year, standardised to full-time equivalents.