13.07.2022
Construction activity in Cyprus continues to decline in the first quarter of 2022 amid rising prices, according to data released on Tuesday by the Statistical Office of Cyprus.
In the first quarter of 2022, the Construction Production Index, considered as an indicator of construction growth rates related to a specific base year, fell to 175.4 units (base year 2015 = 100.0), recording a decrease of 6.6% compared to the first quarter of 2021. The index marks annual losses for the third quarter in a row.
By project type, the first quarter of 2022 saw a decline of 7.1% for buildings and 3.4% for civil engineering compared to the corresponding quarter of 2021, Cystat said.
Prices keep rising
In addition, according to Cystat, the construction exit price index for the first quarter of 2022 rose to 124.90 units (base year 2015 = 100.00), recording a significant year-on-year increase of 10.1% compared to the previous quarter (fourth quarter), quarter 2021 ) the index rose by 3%.
According to Cystat, the index has risen for the fifth consecutive quarter.
By project type, the first quarter of 2022 saw an increase of 11.7% for buildings and 4.8% for civil engineering compared to the corresponding quarter of 2021.
The index shows the change in the total cost of construction work incurred by the customer, including the costs associated with the materials used, labor, energy, transport, etc., as well as the profit received by contractors, and can be considered as an indicator of the level of inflation in construction compared to specific base year, Cystat added.
