Cyprus construction dropped by 8% in 2010

Production in the construction sector fell by 8% in 2010, according to the latest data, having dropped by 10.6% in 2009.
Within this total, building construction fell by 13.5%, whereas civil engineering rose by 13.3%, thanks no doubt to roadbuilding and marina projects.
In the fourth quarter alone the production index fell by 10.7% compared with the same period of the previous year.
The production index for buildings decreased by 15.3% in the fourth quarter while the index for civil engineering increased over the same period of the previous year by 2.2%.
Meanwhile, the cost of construction continues to rise. Construction output prices rose in the fourth quarter of 2010 by 0.5% compared with the previous quarter.
Compared with the same period of 2009 they rose by 1.7%.
There was a sharp difference between buildings and civil engineering, however.
Output prices for buildings fell by 0.4% over the year earlier in the fourth quarter, while the output prices for civil engineering increased by 11.6%, presumably as a result of stronger demand.
For the whole of 2009 construction output prices fell by 2.7%, with prices for buildings down by 1.8% and prices for civil engineering down by 6.6%.