Annual Change -3.3%
The Construction Production Index for the third quarter of 2021 stood at 191.43 points (based on 2015=100.00), down 3.3% compared to the third quarter of 2020.
By project type, there was a decrease of 3.6% in buildings and 1.2% in civil engineering projects in the third quarter of 2021 compared to the same quarter of 2020.
METHODOLOGICAL INFORMATION
Purpose
The quarterly Construction Production Index is a tool for monitoring short-term developments in construction activity. It is a volume index that approximates changes in value added at constant prices. It can therefore be seen as an indication of the growth rate of the Construction sector relative to a specific reference year, the base year.
Data collection
To calculate the index, a survey of a sample of enterprises active in the Construction sector is carried out. For each reference quarter, data such as work done, turnover or hours worked by production personnel (depending on the enterprise) are collected. These data are broken down into four project types: single-family houses, multi-family residential buildings, non-residential buildings and civil engineering projects (i.e. projects involving open spaces and generally anything that is not considered a building), based on the international classification of construction works (CC). Data is collected using all possible means (telephone, fax, e-mail), depending on the preference of each enterprise.
Method of calculation
The Production Index is based on 2015, i.e. it shows the change in production volume compared to the average production volume in 2015. In the base year, the average of the four quarters of the Production Index is 100.0. For example, if the production index for a quarter is 115.8, this means that production increased by 15.8% compared to the average production in 2015.
The compilation of the Production Index for Construction is carried out in the framework of the implementation of Council Regulation (EC) No 1165/98 concerning short-term statistics. At national level, the index is published without adjustment, i.e. without correction for the number of working days or seasonality. On the contrary, the Statistical Office of the European Union (Eurostat) is sent each quarter with indicators adjusted for the number of working days and seasonality.
For more information:
Statistical Service Portal, Construction sub-topic Predefined Tables (Excel)
Contact
Evie Kalogirou Demetriou No. Tel:+357 22 602168 No. Fax:+357 22 605026 Tel. Address: ekalogirou@cystat.mof.gov.cy
(MB/EXP)
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