Construction in Cyprus posts decline

Exercise within the building sector in Cyprus continued to say no within the first quarter of 2022 amid hovering costs, information launched on Tuesday by the Statistical Service of Cyprus (CyStat) confirmed.

Within the first quarter of 2022 the Index of Manufacturing in Building, thought-about a sign of the expansion price of building related to a selected reference 12 months, the bottom 12 months, declined to 175.4 items (base 12 months 2015=100), recording a lower of 6.6% over the primary quarter of 2021. The index marked annual losses for the third consecutive quarter.

By kind of undertaking, a lower of seven.1% was noticed for buildings and of three.4% for civil engineering tasks within the first quarter of 2022 in comparison with the corresponding quarter of 2021, CyStat mentioned.

Moreover, the Output Costs Index in Building for the primary quarter of 2022 rose to 124.90 items, recording a major improve of 10.1% year-on-year in contrast with the fourth quarter of 2021 when the index had risen by 3%. In response to the CyStat information, the index has been rising for a fifth consecutive quarter.

By kind of undertaking, a yearly improve of 11.7% was noticed for buildings and 4.8% for civil engineering tasks.