According to the Statistical Service of Cyprus, in the first six months of 2024, the construction production index increased by 4.7% compared to the same period in 2023.
In the second quarter of 2024, the construction production index was 119.80 units (base year – 2021 = 100.00). This is 4.8% higher than the second quarter of 2023. For the period from January to June 2024, the index increased by 4.7%, which confirms stable positive dynamics. For comparison, in 2023, the construction sector showed a higher growth in the production index – 6.04% compared to 2022.
The price index for construction products in the second quarter of 2024 reached 119.82 units. Compared with the first quarter of 2024, it increased by 1.1%. In annual terms (compared with the second quarter of 2023), the increase was 5.3%.
In the first six months of 2024, the price index increased by 4.6% compared to the same period of the previous year. In 2023, this indicator increased by 5.94% compared to 2022, indicating a slight slowdown in the growth rate in 2024.
Comparison of dynamics in 2023 and 2024
In 2023, the construction sector showed higher growth rates, both in terms of the production index and in terms of product prices. However, the 2024 figures confirm that the sector maintains stable development, despite some slowdown. The main growth factors remain residential investment and increased demand for new construction projects.
The construction sector in Cyprus continues to play a key role in the country’s economy, showing positive dynamics even in the face of market changes. The constant growth of the production index and product prices indicates continued interest in construction projects and infrastructure development.
