EL STAT Hellenic Statistical Authority : Price Indices of Work Categories and Construction Costs Indices of New Residential Buildings (Base Year 2015=100.0), 4th Quarter 2019

HELLENIC REPUBLIC

HELLENIC STATISTICAL AUTHORITY

Piraeus, 24 January 2020

PRESS RELEASE

PRICE INDICES OF WORK CATEGORIES AND CONSTRUCTION COST OF NEW RESIDENTIAL BUILDINGS:

4th quarter 2019

The Price Index of Work Categories in Construction of New Residential Buildingsin the 4th quarter 2019 compared with the 4th quarter 2018 recorded a decrease of 0.4%. The previous year the corresponding index had recorded an increase of 0.2% (Table 1).

The Price Index of Work Categories in the 4th quarter 2019 compared with the 3rd quarter 2019 recorded an increase of 0.2%. The previous year the corresponding index had remained unchanged (Table 2).

The twelve-month average index, from January 2019 to December 2019, compared with the corresponding index from January 2018 to December 2018, recorded a decrease of 0.4%. The previous year the corresponding twelve-month average index had recorded an increase of 0.4% (Table 7).

The Price Index of Construction Cost of New Residential Buildingsin the 4th quarter 2019 compared with the 4th quarter 2018 recorded an increase of 0.3%. The previous year the corresponding index had recorded an increase of 0.2%. More specifically, the annual increase of 0.3% is due to the 0.7% increase in the Labour Cost Index, while the Material Cost Index remained unchanged (Tables 3, 5).

The Price Index of Construction Cost in the 4th quarter 2019 compared with the 3rd quarter 2019 recorded an increase of 0.2%. The previous year the corresponding index had recorded an increase of 0.1%. More specifically, the quarterly increase of 0.2% is on account of the 0.1% increase in the Material Cost Index and the 0.4% increase in the Labour Cost Index (Tables 4, 6).

The twelve-month average index, from January 2019 to December 2019, compared with the corresponding index from January 2018 to December 2018, increased by 0.2%. The previous year the corresponding twelve-month average index had increased by 0.6% (Table 8).

Evolution of annual rates of change (%) of Price Indices of Work Categories and

Constuction Cost in the Construction of New Residential Buildings, 2015=100.0

2.0
1.0
0.0
-1.0
-2.0
-3.0
-4.0
Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
		2017				2018				2019

			Work Categories Price Index		Construction Cost Price Index
Information for methodological issues:		Information for data provision:
Business Statistics Division		Tel: [phone], 2308, 2310
Manufacture-Construction Indices and Industrial Products Section		E-mail:[e-mail]
Head of the Section: Diamantaki Aikaterini
Tel: [phone]
Fax: [phone]
E-mail:[e-mail]

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Table 1: Annual rates of change of the Price Index of Work Categories of New Residential Buildings

Base year: 2015=100.0

	S/N			Description			Weighting						4th quarter					Rates of change (%)
					coefficient			2019			2018			2017			2019/2018			2018/2017
			Overall Index	100.00		98.1		98.5		98.3		-0.4		0.2
	1			Earth-moving			1.92			100.0			99.0			97.5			1.0			1.5
2		Concrete reinforced or not	29.27		97.9		99.5		99.3		-1.6		0.3
	3			Wall-building			6.20			98.0			98.5			98.5			-0.5			0.0
4			Plastering	7.62		97.0		97.1		97.5		0.0		-0.5
	5			Electrical installations			3.57			97.8			97.2			97.3			0.7			-0.1
6		Hydraulic installations	5.29		97.2		96.6		96.7		0.6		-0.2
	7			Central heating			5.40			99.1			99.2			99.3			-0.1			-0.1
			installations
8		Coverings - Coatings	11.63		98.2		98.2		97.9		0.0		0.3
	9			Carpentry			7.14			96.7			97.2			97.2			-0.5			0.0
10			Iron and steel structures	3.06		98.0		97.7		97.2		0.3		0.5
	11			Aluminium structures			6.54			100.1			99.1			98.1			1.0			1.1
12			Painting	5.50		98.7		98.4		98.5		0.3		-0.1
	13			Insulation			1.99			97.6			97.8			98.0			-0.2			-0.2
14			Glazing	1.55		100.2		100.6		99.1		-0.5		1.5
	15			Elevators			1.99			99.1			99.2			99.2			-0.1			0.0
16			Plaster structures	0.49		99.6		99.5		99.5		0.1		0.0
				Special installations
	17			without appliances and			0.84			97.4			97.8			97.8			-0.5			0.0
				accessories

Note: The indices and the percentage changes are published rounded up to one decimal digit.

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	Table 2: Quarterly rates of change of the Price Index of Work Categories of New Residential Buildings
													Base year: 2015=100.0
		Weighting			2019				Rates of			2018			Rates of
S/N	Description							change							change
coefficient	4	th	quarter	3	rd	quarter	4	th	quarter	3	rd	quarter
		(%)	(%)
	Overall Index	100.00			98.1			97.9	0.2			98.5			98.5	0.0

1		Earth-moving	1.92		100.0		99.8		0.2		99.0		99.0		0.0
	2			Concrete reinforced or			29.27			97.9			97.8			0.1			99.5			99.7			-0.1
			not
3			Wall-building	6.20		98.0		98.0		0.0		98.5		98.5		0.0
	4			Plastering			7.62			97.0			96.7			0.4			97.1			97.1			0.0
5			Electrical installations	3.57		97.8		97.4		0.4		97.2		97.2		0.0
	6			Hydraulic installations			5.29			97.2			96.8			0.4			96.6			96.6			0.0
7			Central heating	5.40		99.1		99.1		0.1		99.2		99.2		0.0
		installations
	8			Coverings - Coatings			11.63			98.2			98.1			0.1			98.2			98.2			0.0
9			Carpentry	7.14		96.7		96.7		0.0		97.2		97.2		0.0
	10			Iron and steel structures			3.06			98.0			97.2			0.8			97.7			97.4			0.3
11			Aluminium structures	6.54		100.1		99.5		0.6		99.1		98.8		0.3
	12			Painting			5.50			98.7			98.0			0.7			98.4			98.5			-0.1
13			Insulation	1.99		97.6		97.2		0.4		97.8		98.0		-0.2
	14			Glazing			1.55			100.2			100.2			0.0			100.6			100.6			0.0
15			Elevators	1.99		99.1		99.1		0.0		99.2		99.2		0.0
	16			Plaster structures			0.49			99.6			99.5			0.2			99.5			99.5			0.0
				Special installations
17			without appliances and	0.84		97.4		97.4		0.0		97.8		97.8		0.0
				accessories

Note: The indices and the percentage changes are published rounded up to one decimal digit.

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Table 3: Annual rates of change of the Price Index of Construction Cost of New Residential Buildings

Base year: 2015=100.0

	S/N			Description			Weighting					4th quarter					Rates of change (%)
					coefficient			2019			2018			2017			2019/2018			2018/2017
			Overall Index	100.00		99.3		99.1		98.8		0.3		0.2
1		Material Cost Index	62.38		99.5		99.5		99.0		0.0		0.5
2		Labour Cost Index	37.62		99.0		98.3		98.4		0.7		-0.1

Note: The indices and the percentage changes are published rounded up to one decimal digit.

Table 4: Quarterly rates of change of the Price Index of Construction Cost of New Residential Buildings

Base year: 2015=100.0

							Weighting			2019			Rates of			2018				Rates of
	S/N			Description											change
					coefficient			4th quarter			3rd quarte	r				4th quarter			3rd quarter			change
												(%)
																								(%)
			Overall Index	100.00		99.3		99.1		0.2		99.1			99.0		0.1
1		Material Cost Index	62.38		99.5		99.5		0.1		99.5			99.5		0.0
2		Labour Cost Index	37.62		99.0		98.6		0.4		98.3			98.0		0.3

Note: The indices and the percentage changes are published rounded up to one decimal digit.

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Table 5: Annual rates of change of the Price Index of Labour Cost of New Residential Buildings

Base year: 2015=100.0

	S/N			Description			Weighting					4th	quarter					Rates of change (%)
					coefficient			2019			2018			2017			2019/2018			2018/2017
			Labor Cost Index	100.00		99.0			98.3		98.4		0.7		-0.1
1			Earth-moving	3.67		99.4			98.1		97.6		1.3		0.5
	2			Concrete reinforced or not			30.75			98.8			98.4			98.5			0.5			-0.1
3		Wall-building	11.70		98.8			99.1		99.1		-0.3		0.0
	4			Plastering			13.03			98.9			97.8			98.3			1.1			-0.5
5			Electrical installations	4.85		98.6			97.1		97.7		1.5		-0.6
	6			Hydraulic installations			4.70			99.0			97.6			97.8			1.4			-0.2
7			Central heating installations	4.83		101.0			100.2		100.2		0.8		0.0
	8			Coverings - Coatings			14.14			98.1			97.4			97.5			0.8			-0.2
9			Painting	9.79		100.4			99.0		98.9		1.3		0.1
	10			Insulation			1.19			98.6			98.0			98.2			0.6			-0.2
11		Plaster structures	1.35		100.0			99.4		99.4		0.6		0.0

Note: The indices and the percentage changes are published rounded up to one decimal digit.

Table 6: Quarterly rates of change of the Price Index of Labour Cost of New Residential Buildings

Base year: 2015=100.0

							Weighting					2019					Rates of				2018				Rates of
	S/N			Description															change											change
					coefficient			4	th	quarter			3	rd	quarter				4	th	quarter		3	rd	quarter
													(%)					(%)
			Labor Cost Index	100.00					99.0					98.6		0.4				98.3				98.0		0.3
1			Earth-moving	3.67					99.4					99.1		0.3				98.1				98.1		0.0
	2			Concrete reinforced or not			30.75					98.8					98.7			0.2				98.4				97.3			1.1
3		Wall-building	11.70					98.8					98.8		0.0				99.1				99.1		0.0
	4			Plastering			13.03					98.9					98.0			0.9				97.8				97.8			-0.1
5			Electrical installations	4.85					98.6					97.8		0.8				97.1				97.1		0.0
	6			Hydraulic installations			4.70					99.0					98.3			0.7				97.6				97.6			0.0
7			Central heating	4.83					101.0				100.8		0.2				100.2				100.2		0.0
	installations
	8			Coverings - Coatings			14.14					98.1					97.9			0.3				97.4				97.4			0.0
9			Painting	9.79					100.4					99.4		1.0				99.0				99.0		0.0
	10			Insulation			1.19					98.6					98.2			0.4				98.0				98.2			-0.2
11		Plaster structures	1.35					100.0					99.8		0.2				99.4				99.4		0.0

Note: The indices and the percentage changes are published rounded up to one decimal digit.

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Table 7: Evolution of the Price Index of Work Categories of New Residential Buildings

Base year: 2015=100.0

						Annual rates of	Annual average	Annual rates of
					Quarterly rates of	change of twelve-
	Year and quarter		Overall Index	change	index
		change (%)	month average index
					(%)	(moving average)
						(%)
2017:		Q1	98.3	-0.1	0.0	98.3	-1.0
			Q2	97.8	-0.5	-0.7	98.2	-0.7
			Q3	98.1	0.3	-0.2	98.1	-0.4
			Q4	98.3	0.3	-0.1	98.1	-0.2
	Annual average			98.1
2018:		Q1	98.4	0.0	0.1	98.1	-0.2
			Q2	98.5	0.2	0.8	98.3	0.1
			Q3	98.5	0.0	0.5	98.4	0.3
			Q4	98.5	0.0	0.2	98.5	0.4
	Annual average			98.5
2019:		Q1	98.0	-0.5	-0.3	98.4	0.3
			Q2	98.2	0.1	-0.4	98.3	0.0
			Q3	97.9	-0.3	-0.6	98.2	-0.3
			Q4	98.1	0.2	-0.4	98.1	-0.4
	Annual average			98.1

Note: The indices and the percentage changes are published rounded up to one decimal digit.

Table 8: Evolution of the Price Index of Construction Cost of New Residential Buildings

Base year: 2015=100.0

							Annual rates of	Annual average		Annual rates of
						Quarterly rates of		change of twelve-
	Year and quarter			Overall Index	change	index
			change (%)		month average index
						(%)	(moving average)
								(%)
2017:		Q1	98.5	0.3	0.1	98.4	-1.0
			Q2	98.2	-0.3	-0.3	98.3	-0.7
			Q3	98.4	0.2	0.2	98.3	-0.2
			Q4	98.8	0.4	0.6	98.5	0.1
	Annual average				98.5
2018:		Q1	99.1	0.3	0.6	98.6	0.3
			Q2	99.1	0.0	0.9	98.8	0.6
			Q3	99.0	-0.1	0.6	99.0	0.7
			Q4	99.1	0.1	0.2	99.0	0.6
	Annual average				99.0
2019:		Q1		99.1	0.1	0.1	99.1		0.4
			Q2		99.2	0.1	0.1	99.1		0.2
			Q3		99.1	-0.1	0.2	99.1		0.2
			Q4		99.3	0.2	0.3	99.2		0.2
	Annual average				99.2

Note: The indices and the percentage changes are published rounded up to one decimal digit.

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	METHODOLOGICAL NOTES
Generally	The compilation of the Price Indices of Work Categories and Construction Cost in Construction of New
	Residential Buildings started in 1981. The indices with base year 2015=100.0 are compiled since April 2019,
	when replaced the previous indices with the base year 2010.
Purpose of the	The Price Indices of the Construction of New Residential Buildings are distinguished into:
indices - definitions
	i) Work Categories Price Index of the Construction of New Residential Buildings (output index), which
	reflects the changes in the prices paid to the constructors-contractors for the different individual
	construction stages of new residential buildings, when ordering the construction of the works.
	ii) Construction Cost Price Index of the Construction of New Residential Buildings (input index), which
	reflects the development of the costs the constructors are incurred for the construction of a standardized
	building (block of flats) and is calculated on the basis of the material prices and the labour remuneration
	paid by them. This index is compiled from two individual price indices: a) the monthly Material Cost Index
	for the construction of new residential buildings, which reflects the changes in building material prices, and
	b) the quarterly Price Index of Labour Remuneration for the construction of new residential buildings. This
	index records the changes of the individual works performed during the construction of a new residential
	building.
Legal basis	The compilation of both indices is governed by Council Regulation (EC) No.1165/98 "concerning short-term
	statistics" and by the Regulation No.1158/05 (that amends the above Regulation) of the European
	Parliament and of the Council.
Reference period	Quarter
Base year	2015=100.0
Revision	The Price Indices of Work Categories and Construction Cost in Construction of New Residential are fixed
	base indices. Pursuant to the provisions of Council Regulation No. 1165/98 concerning short-term statistics,
	the indices in question are updated every five (5) years in years ending in 0 or 5.
Statistical classification	The Price Index of Work Categories follows the national classification, which includes 30, works categories
	aggregated in 17 groups.
	The Price Index of Construction Cost follows the national classification, which includes 24, works categories
	aggregated in 11 groups.
Geographical coverage	The geographical coverage of the index includes the country as a whole however prices are collected only
	in the biggest cities of the country (Greater Athens, Thessaloniki, Patra, Herakleion, Larisa and Volos,).
Coverage of	The Price Index of Work Categories covers the expenditure for materials, labour remuneration, fixed capital
economic activities	consumption and the profit actually paid to the subcontractors-constructors, by the contractors of new
	residential buildings.
	The Price Index of Labour Remuneration covers the labour remuneration of the individual works
	performed, during the construction of a new residential building.
Statistical survey	Technical construction companies and contractors are used as prices collection units for the indices. For the
	Price Index of Work Categories, a total number of 511 observations (prices) are collected, and for the Price
	Index of Labour Remuneration, 420 observations (prices) are collected for the compilation of the indices.
Publication of data	The indices with the new base year 2015=100.0 are being released since April 2019, with the 1st quarter
	2019 as the first reference quarter. Time series data, with base year 2015=100.0, are available from 1st
	quarter 2000 onwards.
References	More information about the methodology for the compilation and calculation of the indices and the time
	series are available in the ELSTAT website: (www.statistics.gr):
	http://www.statistics.gr/en/statistics/-/publication/DKT63/-

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