Construction in Cyprus posts decline

Activity in the construction sector in Cyprus continued to decline in the first quarter of 2022 amid soaring prices, data released on Tuesday by the Statistical Service of Cyprus (CyStat) showed.

In the first quarter of 2022 the Index of Production in Construction, considered an indication of the growth rate of construction relevant to a specific reference year, the base year, declined to 175.4 units (base year 2015=100), recording a decrease of 6.6% over the first quarter of 2021. The index marked annual losses for the third consecutive quarter.

By type of project, a decrease of 7.1% was observed for buildings and of 3.4% for civil engineering projects in the first quarter of 2022 compared to the corresponding quarter of 2021, CyStat said.

Furthermore, the Output Prices Index in Construction for the first quarter of 2022 rose to 124.90 units, recording a significant increase of 10.1% year-on-year compared with the fourth quarter of 2021 when the index had risen by 3%. According to the CyStat data, the index has been rising for a fifth consecutive quarter.

By type of project, a yearly increase of 11.7% was observed for buildings and 4.8% for civil engineering projects.