The construction sector in Cyprus continued its upward trend in 2024, with both output and producer prices seeing notable increases over the year, as per the latest figures published by the Statistical Service of Cyprus.
Construction Output: Annual Growth Despite Q4 Dip
Throughout 2024, the Construction Output Index climbed by 3.5% when compared to the full year of 2023. This reflects a steady boost in overall building activity.
However, zooming into the last quarter of the year (Q4 2024), the index dipped slightly—falling 1.8% year-on-year to 115.78 points (with 2021 as the base year at 100.00). This seasonal slowdown didn’t offset the annual growth momentum.
Producer Prices: Upward Pressure Continues
In terms of construction costs, the Producer Price Index rose 4.5% over the entire year.
For Q4 2024 specifically, the index stood at 122.07 points, up 1.2% from the previous quarter and 4.8% higher than Q4 of 2023. This suggests consistent cost increases across the sector, likely due to inflation and material pricing dynamics.
A Snapshot of a Growing Sector
These figures confirm that while the final quarter saw some softening, the broader construction industry in Cyprus remained resilient throughout 2024. Rising producer prices also indicate growing demand and possibly tighter supply chains—factors developers and investors will be watching closely as 2025 unfolds.
Source: Stockwatch.com.cy