- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Construction output falls continue

PRODUCTION in Cyprus’ construction sector fell by 10% during the period July to September compared to the same 3 months in 2008.

This is the fourth consecutive quarter that construction output has fallen. During Q4 2008 output fell by 4.9%, in Q1 2009 it fell by 8.9%, and in Q2 2009 by 10.5%.

According to the latest provisional data from the Cyprus Statistical Service (CYSTAT) the index now stands at 93.5%.

Looking at the index in more detail, output in the construction of buildings has performed somewhat worse than the overall index. During Q4 2008 it fell by 5.4%, in Q1 2009 it fell by 10.2% and in Q2 by 13.6%. (CYSTAT has yet to publish their Quarter 3 figures).

Meanwhile, output prices in construction have also been falling. Compared to Quarter 3 of 2008, the index fell by 5.6% following a 3.8% fall in Quarter 2. Output prices in buildings have performed slightly better with the index falling 2.6% during Quarter 2 and 5% during Quarter 3.

(Earlier this year, the Cyprus Statistical Service, CYSTAT, revised a number of indices to bring them into line with European Union Regulations and to improve the quality of statistics. The Index of Production in Construction is now published using 2005 as its base year (2005=100) and is calculated using a new sample of enterprises, with changes in the relative weights of the various types of projects in total construction).