According to CYSTAT (the Cyprus Statistical Service) data released on Thursday, the construction cost in Cyprus soared 72.9% in the past 6 years. In the second quarter of 2006, the producer price index stood at 171.2 points against 99 points in the corresponding period of 2000.
Compared with the second quarter of 2005, the producer price index increased by 9.3%.
It is noted that the construction cost includes the material cost, the labour cost and the contractors’ profit.
Sources support that the increase in the construction cost is linked to the price hike on fuel.
The Production Index in the second quarter of 2006 showed an increase of 6.9% compared to the corresponding period of 2005.
