Nicosia: The value added of Cyprus’ construction sector increased by 9.4% in 2023, reaching £1.58 billion, according to the Construction and Land Development Survey published on Tuesday by the Statistical Service of Cyprus.
According to Cyprus News Agency, total production value in the broader construction sector rose by 12% to £6.23 billion in 2023, compared with £5.56 billion in 2022. The value added at current prices climbed by 9.4% to £1.58 billion from £1.44 billion in 2022.
New construction projects reached £3.59 billion in 2023, marking a 5.9% increase compared to the previous year. Residential buildings grew by 6.2%, non-residential buildings by 4.5%, and civil engineering projects by 6.4%.
Employment in the construction sector rose by 4% in 2023, reaching 38,900 workers, up from 37,500 in 2022.