After five consecutive years of growth, the value added of the construction sector showed a decrease in 2020, a year characterized by the outbreak of the pandemic of Covid-19.
According to the construction and development survey, value added (after deducting from production value all expenditure on production costs, administrative costs and rents paid for buildings and machinery) in 2020 at current prices fell by 3,9% year-on-year basis to €1.119,6 million from €1.165,6 million in 2019, while the value of production in the wider construction sector decreased in 2020 by 0,2% to €4.294,6 million compared to €4.302,2 million in 2019.
New constructions in 2020 showed a marginal decrease, amounting to €2.467,5 million. In particular, residential buildings increased by 2,0% compared to 2019, while non-residential buildings decreased by 4,4% and civil engineering projects decreased by 1,6%.
According to the Statistical Service, employment in the construction sector increased in 2020 by 2,3% to 34,8 thousand from 34,0 thousand people in 2019.
Source: KYPE