Cyprus Construction Sector Witnesses Notable Growth in 2023
The Cyprus Statistical Service (Cystat) has released a report indicating a robust performance in the construction sector for the year 2023. The data reveals a significant uptick in both production and producer prices, reflecting a healthy expansion within the industry.
Highlighting the sector’s vitality, the Production Index in Construction for the fourth quarter of 2023 escalated to 227.99 units, using 2015 as the base year at 100 units. This represents a 9.2 per cent surge when juxtaposed with the same quarter in the preceding year. Diving into specifics, buildings construction saw an 8.4 per cent rise, while civil engineering projects experienced a more pronounced growth of 14.6 per cent during this quarter.
When examining the entire year, from January to December 2023, the total index enjoyed a 7.6 per cent increase over the previous year. This growth was characterized by an 8.3 per cent rise in building construction and a more modest 3.1 per cent uptick in civil engineering projects.
Turning to the Producer Price Index in Construction, the fourth quarter of 2023 recorded a figure of 138.29 units, once again with 2015 as the base year. This index edged up by 0.8 per cent from the third quarter of 2023 and marked a 2.7 per cent increase compared to the fourth quarter of 2022. A closer look at the types of work reveals a 1.4 per cent increase in buildings and a significant 6.9 per cent rise in civil engineering projects for the same quarter.
For the cumulative period of 2023, the total Producer Price Index climbed by 4.8 per cent relative to 2022. This annual growth was characterized by a moderate 1.6 per cent rise in building prices and an impressive 16.6 per cent jump in prices for civil engineering projects.
The report from Cystat paints a picture of a burgeoning construction sector in Cyprus, with both production and prices on an upward trajectory throughout 2023. The data underscores the sector’s resilience and its critical role in the nation’s economic framework.
