Positive growth rates compared to 2018 were recorded by the main indicators in the construction sector in 2019, according to the results of the construction and land development study published on Wednesday, July 14 by the Cyprus Statistical Office (CyStat).
In particular, the value of production in the construction sector as a whole increased by 20.2% in 2019 to €4,302.2 million (from € 3,578.0 million in 2018). In turn, value added at current prices increased by 21.7% to €1,165.6 million in 2019 from €958.1 million in 2018.
The share of new residential construction in 2019 amounted to €2,468.1 million, which is 22.8% more than in 2018.
At the same time, the cost of new buildings increased by 30.9%, non-residential buildings - by 5.2%, and construction works - by 24.0%.
Finally, employment in the construction sector increased in 2019 by 11.7% to 34.4 thousand from 30.8 thousand in 2018. Overall, according to CyStat, it was in 2019 when the construction sector made the most important contribution to the Cyprus economy.
As you may know, construction is the most important sector of the Cyprus economy.
The contribution of this industry to the country's GDP is enormous. Thus, in the first quarter of 2019, the share of VAT from construction projects in the country's GDP amounted to €303 million, and in the second - €324 million. The product of the construction sector is completed residential, public, industrial buildings and structures, roads and communications, etc. Such a large industry makes it possible to employ more than 40 thousand people in Cyprus.