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2. The main developments in the Construction sector in 1996 were: (a) The sector recorded a negative rate of growth of -0,2% compared to -0,8% in 1995. This is attributed mostly to the lower rate of growth of projects in the tourist sector. (b) Gross output, at current market prices, increased by 4,3% and reached £630,0 million in 1996 compared to £604,2 million in 1995. Of the gross output in 1996, 50% was for dwellings, 21% for non-residential buildings (hotels, shops, offices, factories etc.), 19% for civil engineering (roads, dams etc.) and the remaining 10% accounted for repairs. (c) Value added at current market prices reached £348,4 million in 1996 from £334,4 million in the previous year. (d) Labour cost during 1996 continued to rise registering an increase of 6,5% compared to 8,5% in 1995 and 7,0% in 1994. The overall price index of construction materials rose by 2,0% over 1995 compared to 3,4% in the previous year. Increases were observed in the prices of iron bars, bricks, havara, doors and windows wooden, tubes and pipes of iron or steel, gravel and road aggregate. Decreases were recorded in the prices of roofing tiles, air conditioning units and ceramic products. (e) New dwellings completed in 1996 increased by 3,9% and amounted to 7.157 units compared to 6.891 in the previous year. The average area per dwelling completed in 1996 was 222 square metres for houses and 126 square metres for apartments compared to 224 and 122 in 1995. The average construction cost per square metre was about £300 for houses and £267 for apartments, compared to £284 and £253 in 1995. (f) Employment in the sector decreased from 25,7 thousand persons in 1995 to 25,3 thousand in 1996 and accounted for 8,9% of the total gainfully employed population. 3. The Report is available from the Government Printing Office in Nicosia at the price of C£6,00. |
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