Real estate expanded by 19.4% in 2003

Recently released figures from the Cyprus Statistical Service CYSTAT show that real estate expanded by 19.4% in real terms (ie, adjusted for inflation) in 2003.

Gross output at constant 2000 prices rose to CYP 280.1 mln in 2003, from CYP 234.5 mln in 2002.

In current prices (not adjusted for inflation), gross output rose in nominal terms by 26.7%, to CYP 317.2 mln in 2003, from CYP 250.4 mln in 2002.

Measured on a value-added basis, which shows a sector’s contribution to GDP growth, real estate rose in real terms by 18.6%, in a year in which overall real GDP growth was just 1.8%. Its share in GDP rose therefore from 2.6% in 2002 to 3.1% in 2003.

Employment rose by 204 persons, to 2,364.

The sector spent CYP 107.4 mln on production (largely construction) in 2003, which was by far its largest expense. The second largest expense was labour costs (CYP 19.3 mln), followed by interest payments (CYP 13.0 mln).

 

Fiona Mullen