Construction sector in recession for second year

The Construction sector continued in recession for the second year running in 2010 according to a report “Construction and Housing Statistics, 2010″ recently published by CySTAT.

The main developments in the sector during 2010 were:

1. The construction sector continued for the second year in a row to exhibit signs of recession. The rate of growth of the sector in 2010 (in terms of value added at constant prices) is provisionally estimated to have recorded a decrease of 7.0% compared to a decline of 18.6% in 2009.

2. The gross output of the sector at current market prices was reduced in 2010 by 9.7% to €3,048.8 million compared to €3,376.3 million in 2009. The subsector of buildings construction and civil engineering recorded a decrease of 6.2%, while the subsector of land and buildings development registered a decline of 22.7%.

3. New residential buildings accounted for 46.4% of the total gross output of the subsector of buildings construction and civil engineering, new non-residential buildings (offices, shops, hotels, factories, airport buildings, etc.) for 20.9%, new civil engineering projects (roads and bridges, water supply and sewerage networks, telecommunications and electricity lines etc.) for 24.5% and repairs and maintenance for the remaining 8.2%.

Source: Cyprus-Property-Buyers.com