Cyprus construction output accelerates in Q1

Construction output in Cyprus accelerated in the first quarter of 2007 according to preliminary figures from the Statistical Service, Cystat.

Gross output rose by 4.7% over the first quarter of 2006, compared with a year-on-year rise of 3.0% in the fourth quarter of 2006 and 0.9% in the third quarter of 2006.

The main driving force is the construction of buildings, where gross output accelerated to growth of 11.4% in the first quarter of 2007, from growth of 8.5% in the fourth quarter of 2006 and 5.4% in the third quarter of 2006.

Despite ongoing works at the highway that by-passes Limassol, construction in the civil engineering sector has been declining sharply: by 21.5% in Q1 2007, 14.9% in Q4 2006 and 14.2% in Q3 2006.