The Cyprus construction index decreased in the third quarter of 2021 by 3.3% within a year, as it reached 191.43 points (based on 2015 = 100.00).
At the same time, according to the latest data from the Statistical Service, the index decreased by 4% compared to the same quarter of 2019.
If we look at the types of projects, in the third quarter of 2021, the index for commercial buildings decreased by 3.6% within a year, and for residential construction projects – by 1.2%. Compared to the third quarter of 2019, there was a decrease of 7.7% and an increase of 24.1%.
As for the producer price index in construction for the third quarter of 2021, it reached 116.68 points (based on 2015 = 100.00), which is 2% more than in the second quarter of 2021 and 6.4% more than in the same quarter of 2020.
By types of projects in the third quarter of 2021, compared with the corresponding quarter of 2020, the index for commercial buildings increased by 7.3%, and civil engineering projects by 3.1%. Compared to 2019, these figures were - 5.8% and - 3.9%.
The producer price index covers all stages of production: raw materials, intermediate stages, finished products, as well as all sectors. Thus, its main difference from the consumer price index is that it covers only goods, not services, and at the wholesale level of their implementation.
The growth of the producer price index may be a harbinger of another rise in real estate prices.
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