12.07.2024
The value added of the Cyprus construction sector at current prices increased by 8.9% to €1,442.4 million in 2023 from €1,325.0 million in 2022.
In addition, the study results showed that the key indicators of the construction sector recorded a positive growth rate in 2023 compared to 2022.
The total value of output in the construction sector as a whole increased by 10.3% in 2023, reaching €5.56 billion, up from €5.04 billion in 2022.
The cost of new construction reached €3,392.8 million in 2023. This is 15.6% more than in 2022. In particular, the volume of construction of residential buildings increased by 21.3% compared to 2022, the volume of construction of non-residential buildings decreased by 1.8%, and the volume of construction of civil engineering projects increased by 18.4%.
Employment in the construction sector increased in 2023 by 3.0% to 37.5 thousand from 36.4 thousand people in 2022.
