Cyprus construction output slows in second quarter

Construction output in Cyprus rose at a slower pace in the second quarter than in the first, according to preliminary data.
The production index in construction 154.1 (base year 2000=100.0), recording an increase of 4.1% over the second quarter 2007, compared with a rise of 8.3% in the first quarter and 5.8% in the fourth quarter of 1007.
Moreover, output was propped up by big infrastructure projects. Construction of civil engineering project (such as Paphos and Larnaca airports) rose by 15.3%, whereas in the same period production of buildings rose by only 1.8%, down from 8.9% in the first quarter.
Meanwhile, output prices in construction in the second quarter rose by 2.3% over the first quarter 2008. Compared to the same quarter last year, the index recorded an increase of 4.9%.

Fiona Mullen

www.sapientaeconomics.com