Cyprus Business Now

The producer price index in Cyprus’ construction sector increased by 11 per cent in the third quarter of 2022, compared to the corresponding quarter of 2021, reaching 129.53 units, according to a report released on Friday by the Cyprus Statistical Service (Cystat).

According to the data, the index experienced a marginal increase of 0.1 per cent compared to the second quarter of 2022.

By project type, there was a 12.4 per cent increase in buildings, as well as a 6 per cent increase in civil engineering projects in the third quarter of 2022, compared to the corresponding quarter of 2021.

The quarterly Producer Price Index measures changes in unit prices charged to customers who are paying for construction work.

It, therefore, reflects the change in the total cost of projects from the client’s side, including costs such as materials, labour, fuel, transport and others, as well as the contractors’ profit.

The index can be considered an indication of the level of inflation in the construction sector in relation to a specific reference year, which is used as the base value. In this case, the reference year for construction sector prices is 2015.

The Construction Production Index in the third quarter of 2022 stood at 178.22 points, marking a 5 per cent decrease compared to the third quarter of 2021, according to a report released on Friday by the Cyprus Statistical Service (Cystat).

According to an analysis sorted by project type, there was a 7.3 per cent decrease in buildings and a 10.5 per cent increase in civil engineering projects in the third quarter of 2022 compared to the corresponding quarter of 2021.

The quarterly Construction Production Index is a tool for monitoring short-term developments in construction activity.

The index is a volume indicator that approximates changes in value added on fixed prices.

It can therefore be considered an indication of the construction sector’s growth rate.

The Cyprus Stock Exchange (CSE) ended Friday, January 13 with profits.

The general Cyprus Stock Market Index was at 93.27 points at 13:24 during the day, reflecting an increase of 0.01 per cent over the previous day of trading.

What is more, the FTSE / CySE 20 Index was at 56.28 points, unchanged from the day before.

The total value of transactions came up to €59,135.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.06 per cent and 0.75 per cent respectively.

The hotel and alternative indexes rose by 0.6 per cent and 0.15 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Demetra (-0.82 per cent), Petrolina (+3.64 per cent), KEO (no change), and Pandora (-7.88 per cent).