Activity in the Cyprus construction sector declines as costs continue to rise

The Cyprus Statistical Service (Cystat) reported a year-on-year fall in construction production in the fourth quarter of 2022, while material prices rose significantly (by 11.1% year-on-year).

According to the report, the construction production index reached 209.80 units in the fourth quarter of 2022, with 2015 as the base year. This represents a decline of 1.7% compared to the fourth quarter of 2021. Additionally, in the fourth quarter of 2022, the volume of construction projects decreased by 0.9%, and the volume of civil engineering projects decreased by 6.9% compared to the same quarter of 2021.

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