The value added in constructions in Cyprus dropped after 5 years of growth in 2020, a year marked by the outbreak of the Covid-19 pandemic.
According to the Constructions and Land Development Survey for 2020, carried by the Cyprus Statistical Service (Cystat), value added (the production value net of the total cost of production expenses, administrative expenses and rents paid for buildings and machinery) at current prices decreased by 3.9% to €1,119.6 million in 2020 from to €1,165.6 million in 2019.
Production value in the broad construction sector decreased in 2020 by a marginal 0.2% to €4,294.6 million compared to €4,302.2 million in 2019, Cystat added.
According to the survey, new construction in 2020 reached €2,467.5 million, registering a marginal decrease over 2019. Residential buildings recorded an increase of 2.0% in 2020 compared to 2019, while non-residential buildings decline by 4.4% and civil engineering projects declined by 1.6%.
Employment in the construction sector increased in 2020 by 2.3% to 34.8 thousand compared to 34,0 thousand persons in 2019, Cystat added.
Source: Cyprus News Agency