Cyprus construction output accelerates in Q2

Gross construction output in Cyprus accelerated in the second quarter, rising by 8.3% over the same period of 2006.

This was the third consecutive quarter of acceleration, after construction output growth hit a low of 0.9% in the third quarter of 2006.

Output then rose to 3% in the fourth quarter and 5% in the first quarter of 2007, according to upwardly revised data produced by the Statistical Service.

Civil engineering declines

The breakdown between civil engineering and building construction show that growth is concentrate in building construction, up 21.2% year on year in the second quarter, whereas civil engineering declined by 27.7%.

Separately, building permit data showed a rise of 17.3% by value in the first six months of the year.

Construction prices up 4.4%

Meanwhile, the index of output prices in construction in the second quarter 2007 reached 179.2 (base year 2000=100.0), recording an increase of 0.2% over the first quarter 2007.

Compared to the same quarter last year, the index recorded an increase of 4.4%.

Fiona Mullen