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Annual Change +9.2%
The Construction Production Index for the fourth quarter of 2023 stood at 227.99 points (based on 2015=100.00), up 9.2% compared to the fourth quarter of 2022.
By project type, there was an increase of 8.4% in Buildings and 14.6% in Civil Engineering in the fourth quarter of 2023 compared to the corresponding quarter of 2022.
For the period January - December 2023, the overall index recorded an increase of 7.6% compared to the corresponding period of 2022. An increase of 8.3% was recorded for buildings and 3.1% for civil engineering.
Methodological Information
Purpose
The Quarterly Production Index for Construction 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 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.
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 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. On the contrary, 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 Statistical Office Portal, under Construction, CYSTAT-DB (Database), Predefined Tables (Excel) or contact Mrs. Evi Kalogirou Demetriou (tel.: 22602168, e-mail: 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.
(GA/EATH)
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