Exports of cement boom, local sales fall, Cyprus

Exports of cement boom, local sales fall, Cyprus
Published: 02 September 2005

Exports of cement increased by 19.1% year on year in the first seven months of 2005, according to the latest data from the Statistical Service. However, Local sales rose by 2.8%.

Exports of cement rose by 19.1% YoY in the first seven months of the year, to total 95.857t. In the May-July period, exports rose even faster, by 132% compared with the same period of the previous year.

The boom in exports has somewhat made up for the downturn in the much larger category of local sales. Local sales rose by just 2.8% YoY in January to July to 1.04Mt. Moreover, in the May-July period they declined year on year by 4.9%.

The fall in cement sales suggests a slowdown in construction, although this may soon change, following the sharp drop in interest rates in May and June.

The number of building permits authorised in May was stagnant compared with the same month of 2004, but the value of building permits and the area to be constructed rose sharply.