Press Releases

Increase in Value Added in the Construction Sector by 8,9%

According to the results of the Construction and Land Development Survey, the main aggregates of the construction sector in 2022 registered a positive growth rate compared to 2021.

In particular, production value in the broad construction sector increased in 2022 by 10,3% to €5.564,7 million compared to €5.044,9 million in 2021. Value added at current prices increased by 8,9% to €1.442,4 million in 2022 compared to €1.325,0 million in 2021.

New construction in 2022 reached €3.392,8 million, registering an increase in 2022 by 15,6% compared to 2021. More specifically, residential buildings increased in 2022 by 21,3% compared to 2021, non-residential buildings decreased by 1,8%, and civil engineering projects increased by 18,4%.

Employment in the construction sector increased in 2022 by 3,0% to 37,5 thousand compared to 36,4 thousand persons in 2021.

Methodological Information

Definitions

Production Value – Derived by adding on turnover other income and changes in the value of stocks at the end of the year and deducting the cost of goods and property purchased for resale.

Value Added at current prices - Derived by deducting from the production value the total cost of production expenses, administrative expenses and rents paid for buildings and machinery.

Employment – The average number of employees and self-employed persons during the year, in full time equivalent terms.

Coverage and collection of data

The Construction and Land Development Survey covers a sample of around 1.320 enterprises with main activity falling under section F of the classification system of economic activities NACE Rev. 2 of the European Union, in particular divisions 41 (construction of buildings), 42 (civil engineering) and 43 (specialised construction activities).

The collection of data by the Statistical Service is done by personal interviews, by phone interviews, by email, and using administrative sources.

For more information, please visitCYSTAT Portal, subtheme Construction, Predefined Tables (Excel), Methodological Information or contact Ms Panagiota Christodoulou, Tel: +35722602172, Email: pchristodoulou@cystat.mof.gov.cy

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