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Annual Change +7.9%
The Construction Production Index for the third quarter of 2023 stood at 186.29 points (based on 2015=100.00), an increase of 7.9% compared to the third quarter of 2022.
By project type, there was an increase of 9.4% in buildings and a marginal decrease of 0.3% in civil engineering projects in the third quarter of 2023 compared to the same quarter of 2022.
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.
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 performed, 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 company.
Calculation method
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 given quarter is 115.8, this means that production increased by 15.8% compared to the average production in 2015. At national level, the index is published without adjustment, i.e. without correction for the number of working days or seasonality. In contrast, indicators corrected for the number of working days and seasonality are sent to the Statistical Office of the European Union (Eurostat) every quarter.
For more information, interested parties can visit the Statistics Office Portal under Construction --> CYSTAT-DB (Database), Predefined Tables (Excel), or contact Ms. Evi Kalogirou Demetriou at 22602168 or at ekalogirou@cystat.mof.gov.cy.
The Predefined Tables in Excel format include data up to the fourth quarter of 2022. For the first quarter of 2023 and thereafter, the update is done only in the CYSTAT-DB Database.
(MS/AF)
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