Cyprus construction in severe 'decline'

Construction activity in Cyprus saw the second highest decline in the European Union during the second quarter of 2012 after Greece according to figures published earlier today by Eurostat.

According to the Eurostat newsrelease published on Wednesday, construction activity in Cyprus fell 15.9% during the second quarter of 2012 compared with the second quarter of 2011. This follows a decline during the first quarter of 17.6%.

The decline is the second highest fall in the European Union after Greece (which fell by 28.6%).

Production in construction also fell in Portugal (-17.7%), Slovenia (-16.6%), Italy (-13.9%), Spain (-12.8%) and Slovakia (-11.5%).

Building construction declined by 5.2% in the euro area and by 6.9% in the EU27, after falling 5.7% and 6.0% respectively in July 2012. Civil engineering decreased by 7.9% in the euro area and by 7.5% in the EU27, after falling 6.8% and 10.5% respectively in the previous month.

In the first quarter of 2012, there was an increase of 5.2% and 6.6% in EU27 and the euro area respectively.

Compared with August 2011, production in August 2012 dropped by 5.5% in the euro area and by 6.8% in the EU27 (but the figures from Cyprus were not available).