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Construction production index plummets

Conditions in the island’s construction industry have worsened dramatically in recent times, with production in the first quarter of the year shrinking at the highest rate since records began.

construction production plummets
The Production Index in Construction for the first quarter of 2012 dropped to 71.0 units, a fall of 16.5 percent compared with the first quarter of 2011, and it is shrinking at the highest rate since records began according to figures released by the Cyprus Statistical Service (CYSTAT) earlier today.

During the fourth quarter of 2011 the Index dropped 12.4%, while over the whole of 2011 the drop did not exceed 9.4%.

Comparing the first quarter of 2012 to the first quarter of 2011, the Production Index for Buildings fell by 11.3% and the Production Index for Civil Engineering fell by 30.6%.

The Output Prices Index in Construction for the first quarter of 2012 dropped half of one percent to 112.1 units compared with the fourth quarter of 2011. Compared to the first quarter of 2011, the index rose by 0.1%.

Comparing the first quarter of 2012 to the first quarter of 2011, the Output Prices Index for Buildings fell by 1.9%, while the Output Prices Index for Civil Engineering increased by 8.5%.

The base year for both indexes is 2005 (2005=100).

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