Cyprus Construction Saw Huge Boom During 2016



View of the Cypriot capital, Nicosia. File photo

According to the annual report ”Construction and Housing Statistics, 2016” released on Thursday by the Statistical Service of Cyprus, construction activity registered an increase of 20.7 percent in 2016 compared to an increase of just 0.2 percent recorded in 2015.

According to the same figures, the production value of the construction sector increased in 2016 by 22.2 percent to €2.147 billion ($2.461 billion) compared to €1.757 billion ($2.014 billion) in 2015.

The value added at current prices recorded an increase of 23.5 percent. The number of people employed in the sector full-time increased from 19,242 in 2015 to 21,130 in 2016.

The figures show the construction sector’s astonishingly rapid recovery on Cyprus following the financial crisis of 2015.

Τhe share of new construction of residential buildings on Cyprus represents approximately one-half of the total and non-residential buildings make up approximately one-quarter. Public civil engineering projects accounted for 21.5 percent of total construction.

The corresponding figures for 2015 were 48.9 percent for residential buildings, 27.3 for non-residential buildings and 23.7 for civil engineering projects.

With information from C.N.A.