Cyprus construction fell 4.8% in the fourth quarter

Construction figures for the fourth quarter confirm what was already suspected, namely that there was a fall in construction output in the fourth quarter.
The production index in construction for the fourth quarter of 2008 reached 143.5 (base year 2000=100.0), recording a decrease of 4.8% over the same period of 2007.
Within the overall total, a decrease of 5.4% was recorded for buildings and a decrease of 2.7% for civil engineering projects.
For the whole of 2008 construction output rose by 2.3% over 2007. Building construction rose by 2.4% and civil engineering rose by 2.0%.
Despite the decline in actual output, prices of that output continue to increase.
The output prices index in construction in the fourth quarter of 2008 reached 195.7 (base year 2000=100.0), recording an increase of 1.9% over the third quarter of 2008 and 8.0% over the same period of 2007.
For the whole of 2008 the prices index recorded an increase of 5.6%.