Cyprus local cement sales fall in August

Exports of cement rose by 16.7% year on year in the first eight months of the year, to total 109,593 tonnes, compared with 92,912 tonnes in January-August 2004, according to the latest data from the Statistical Service.

In the June-August period, exports rose even faster, by 105% compared with the same period of the previous year.

The boom in exports has somewhat made up for the downturn in the much larger category of local sales.

Local sales rose by just 5.0% year on year in January to August to 1.03 mln tonnes.

Moreover, in the June-August period they declined year on year by 5.2%.

The fall in cement sales suggests a slowdown in the construction sector, despite the sharp drop in interest rates in May and June.