Cyprus construction down 13.3% in Q4

The depth of the recession in the construction sector has been underlined by figures on production, showing that the production index in construction fell by 13.3% over the fourth quarter of 2008 to reach 101.8 (base year 2005=100.0).
For the whole of 2009 the construction production index fell by 10.8%.
The Statistical Service said that the component index of production for buildings fell by 14.9%.
On the other hand, production for civil engineering, buoyed perhaps by the upgrading of Larnaca and Paphos airports rose by 9.3% for the whole year.

Construction prices fall

Meanwhile, output prices fell in the fourth quarter 2009 by 8.5% over the same period of 2009.
Compared to the previous quarter last year, the index recorded a decrease of 3.7 %.
For the whole of 2009, the output prices index fell by 4.1%.
There was a decrease of 2.9% in the component output prices index for buildings and an even more significant decrease of 8.6% of the component output prices index for civil engineering.