Press Releases

Annual Change +0,45%

The Price Index of Construction Materials for December 2023 reached 134,23 units (base year 2015=100), recording an increase of 0,14% compared to the previous month.

Compared to the same month of the previous year, the index recorded an increase of 0,45%. By main commodity category, increases were recorded in minerals (13,98%), mineral products (5,80%) and products of wood, insulation materials, chemicals and plastics (0,45%), whereas decreases were recorded in metallic products (-7,39%) and electromechanical products (-0,14%).

For the period January-December 2023, the index recorded an increase of 2,91% compared to the corresponding period of 2022.

The increase of the index in 2023 over the previous year is mainly due to the increase in the prices of the following materials: portland cements (39,39%), pavement slabs, mosaics and bricks of concrete (14,61%), gravel and sand aggregate (13,89%), crushed gravel (12,63%) and ready-mix concrete (12,13%).

On the other hand, some materials recorded a decrease in their prices compared to 2022. The most significant are: building iron (-18,66%), structural grid (-12,44%) and structural steel (-12,27%).  

Methodological Information

Definitions

The Price Index of Construction Materials shows the evolution of the cost of construction materials incurred by the contractor.

Collection of Data

Prices of materials used in construction are collected on a monthly basis based on a sample of products and suppliers. The reference date for the prices collected is the 15th each month. Prices are valued excluding VAT. The data collection is carried out by telephone, fax or e-mail.

Compilation Method

The price indices are based on the year 2015, meaning that they show the evolution of the price of a certain material in relation to its average price in 2015. In the base year, the average of the price indices for the twelve months is 100. For example, a price index of 101,57 for a material in a certain month implies that the price has gone up by 1,57% in relation to its average price of 2015.

The aggregated price index of materials is a weighted average of the price indices of the various materials in the sample. The weights used reflect the share of each material to the total expenditure for construction materials incurred by the contractors and are derived from the value of imports and local production for that material in the base year (2015).

The index disseminated on the web site of the Statistical Service covers all types of construction works. It forms a component of the Construction Costs Index, which is transmitted to and published by the Statistical Office of the European Union (Eurostat) in accordance to the provisions of Regulation (EU) 2019/2152 on European business statistics. The Construction Costs Index is limited to new residential buildings, excluding residencies for communities.

For more information, visit the CYSTAT Portal, subtheme Construction, CYSTAT-DB (Online Database), Predefined Tables (Excel), or contact Ms Evi Kalogirou Demetriou at telephone 22602168 or e-mail ekalogirou@cystat.mof.gov.cy.

The Predefined Tables, available in Excel format, include data up to December 2022. Data from the January 2023 onwards, are available only in the CYSTAT-DB Online Database.

(NGian/ΑP)