Cyprus construction output accelerates in Q1

Construction output accelerated in the first quarter of 2008, according to provisional figures from the Statistical Service.
The production index in construction rose by 7.5% over the 1st quarter 2007, compared with an increase of 5.8% in the fourth quarter.
An increase of 8.1% was recorded for buildings and an increase of 3.3% for civil engineering projects.
Construction activity is expected to weaken in the rest of the year, as building permits authorised fell year on year in the first quarter.
Meanwhile construction output prices rose by 1.8% over the fourth quarter 2007. Compared to the same quarter last year, the index recorded an increase of 3.1%.