Cyprus construction material prices fall in May

Cyprus’ Construction Materials Price Index recorded a decrease of 1.32 per cent in May 2024, when compared to the same period from the previous year, according to a report released on Tuesday by the state’s statistical service.

Additionally, for the period of January to May 2024, the index experienced a decline of 1.81 per cent compared to the same period in 2023.

In May 2024, the index stood at 117.35 points, with 2021 acting as the base year, set at 100 points, reflecting a marginal increase of 0.11 per cent compared to the previous month.

In terms of main product categories, there were decreases in metal products (-6.68 per cent), while increases were observed in electromechanical items (3.24 per cent), minerals (1.01 per cent), mineral products (0.49 per cent), and wood, insulation, chemicals, and plastics products (0.30 per cent).

Construction in the European Union

Meanwhile, seasonally adjusted production in construction increased by 0.1 per cent in the euro area and decreased by 0.1 per cent in the EU during the month of March, compared to February, according to Eurostat.

Moreover, production in construction grew by 0.4 per cent in the euro area and by 0.5 per cent in the EU in February of this year.

When comparing March 2024 with March 2023, production in construction increased by 0.1 per cent in the euro area and decreased by 0.7 per cent in the EU.

In the euro area, production in construction in March 2024, compared with February 2024, decreased by 1.5 per cent for the construction of buildings, increased by 0.6 per cent for civil engineering, and increased by 0.6 per cent for specialised construction activities.

In the EU, production in construction decreased by 2.6 per cent for the construction of buildings, decreased by 0.8 per cent for civil engineering, and increased by 0.5 per cent for specialised construction activities.

Among member states for which data are available, the largest monthly decreases in production in construction were recorded in Czechia (7.8 per cent), Slovakia (7.6 per cent), and Slovenia (7.4 per cent). The highest increases were observed in Romania (9.1 per cent), France (1.1 per cent), and Belgium and Germany (both 1.0 per cent).

In an annual comparison by construction sector and by Member State, production in construction in the euro area in March 2024, compared with March 2023, decreased by 3.5 per cent for the construction of buildings, increased by 5.4 per cent for civil engineering, and decreased by 0.3 per cent for specialised construction activities.

In the EU, production in construction decreased by 5.2 per cent for the construction of buildings, increased by 2.7 per cent for civil engineering, and decreased by 0.5 per cent for specialised construction activities.

Finally, among member states for which data are available, the largest annual decreases in production in construction were recorded in Poland (9.6 per cent), Slovenia (8.6 per cent), and Czechia (8.3 per cent).

The highest increases were observed in Belgium (7.3 per cent), Italy (3.8 per cent), and Bulgaria (3.7 per cent).