Construction activity registered an increase of 20.7% in 2016 compared to an increase of 0.2% in 2015, based on the production index of the sector.
According to the annual report ‘Construction and Housing Statistics, 2016’ released by the Statistical Service of Cyprus, the production value of the construction sector increased in 2016 by 22.2% to €2,146.9 million compared to €1,756.9 million in 2015. The value added at current prices recorded an increase of 23.5%.
Τhe share of new construction in residential buildings is estimated at 50.8% of the total and of non-residential buildings at 27.7%, while civil engineering projects accounted for 21.5%. The corresponding figures for 2015 were 48.9% for residential buildings, 27.3% for non-residential buildings and 23.7% for civil engineering projects.