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Construction: Output prices index up 11%, production index down 5%

13/01/2023 13:57

The Output Prices Index in Construction for the third quarter of 2022 reached 129.53 units (base year 2015=100,00), recording an increase of 11%, compared to the same quarter of 2021, according to data published by the Statistical Service of Cyprus on Friday.

The Index noted a marginal increase of 0.1% over the second quarter of 2022.

By type of project, an increase of 12.4% was observed for buildings and of 6% for civil engineering projects in the third quarter of 2022 compared to the corresponding quarter of 2021.

The quarterly Output Prices Index measures the changes in unit prices charged to clients of construction work. Consequently, it shows the change in the overall cost of construction work incurred to the client, including costs coming from the materials used, from labour, energy, transport, etc, as well as the profit made by the contractors. It can been seen as an indication of inflation’s level in Construction.

The Index of Production in Construction during the third quarter of 2022 reached 178.22 units (base year 2015=100,00), recording a decrease of 5% over the third quarter of 2021, according to data published by the Statistical Service of Cyprus on Friday.

By type of project, a decrease of 7.3% was observed for buildings and an increase of 10.5% for civil engineering projects in the third quarter of 2022 compared to the corresponding quarter of 2021.

The quarterly Index of Production in Construction serves as a tool for monitoring short-term developments in construction activity. It is a volume index that approximates the changes in value added at constant prices. It can, therefore, be considered as an indication of the growth rate of construction.