Laying the cornerstone of '360', the tallest construction in Nicosia, President Anastasiades said that the construction boom confirms the government's focus on exiting the vicious cycle of economic recession.
The recession in the Cyprus construction sector continued for the fourth consecutive year in 2012 recording a provisional decrease of 19.5 per cent compared to the previous year according to the Cyprus Statistical Service.
Against a backdrop of shattered consumer and investor confidence, soaring unemployment, and a credit crunch, the Cypriot economy will remain in recession until 2017.
In its annual report on construction and housing, the Cyprus Statistical Service (CySTAT) says that the Island's construction sector continued to exhibit signs of recession for the second consecutive year during 2010.
Although the Cyprus economy is still in recession it may have started to climb out in the fourth quarter of 2009 according to the latest flash estimates from the Cyprus Statistical Service (CYSTAT).
