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Data released by the Cyprus Statistical Service indicates that the construction sector saw its output drop almost 19% in the fourth quarter of 2014 year-on-year, coupled with a marginal 0.1% increase in producer prices.

Producer prices in construction fell 0.9% in the fourth quarter of 2014 compared to Q3, while output in construction during 2014 fell 17% compared to 2013. The number of buildings dropped by 20% and civil engineering projects were reduced by 8.4% over the same period.

In the fourth quarter of last year, the construction of both buildings and civil engineering projects fell almost 19% year-on-year. Producer prices in construction in 2014 fell 1.4% compared to the year before, while building projects saw their prices drop 0.6% in 2014 and those for civil engineering projects fell 3.1%. In the fourth quarter of 2014, prices for buildings fell an annual 0.2% while those for civil engineer projects rose 0.7% compared to a year before.