Construction sector may axe 20,000 jobs
By Stefanos Evripidou
(archive article - Tuesday, November 25, 2008)
Association head sees Cypriots as the first to go
THE PREDICTED downturn in the construction sector could see around 20,000 jobs lost, the head of the Cyprus Building Contractors’ Association warned yesterday.
Speaking at a news conference, Sotos Lois said according to the association’s estimates, construction work in the private sector, worth €850 million in 2007, will drop by 30 to 40 per cent as a result of the economic downturn.
Lois highlighted that if the estimates are proved correct, this will translate into 20 per cent job losses.
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