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Inflation rates and forecasts
Price inflation (%) ºÚ¶´ÉçÇø tender price inflation (%)
Country 1995 1996 1997 1998 1999 2000 2001 2002 1995 1996 1997 1998 1999 2000 2001 2002
Austria – – – – 0.9 2.0 – – 3.4 1.5 2.7 2.2 2.9 2.5 – –
Cyprus – – – – – – – – 7.7 6.5 6.7 8.0 6.3 11.9 10.7 5.2
Czech Republic 9.0 10.1 9.2 9.9 2.1 2.7 3.3 – 18.3 3.5 10.7 8.5 2.0 3.0 5.0 6.7
Denmark 2.1 2.1 2.3 3.4 5.5 1.3 4.2 4.2 5.4 2.6 4.2 2.4 7.0 1.5 4.3 4.1
Finland 1.3 -0.8 2.4 2.6 2.0 2.8 1.6 – –0.4 –7.4 9.1 11.2 13.3 1.5 2.3 –
France 1.8 2.7 0.9 0.9 2.1 1.7 1.5 1.7 1.8 2.7 1.8 1.7 1.6 1.1 2.3 1.6
Germany 2.2 1.5 2.4 1.0 0.7 1.9 1.6 – 2.4 2.1 –2.5 0.0 2.5 2.5 – –
Hungary 29.8 23.0 18.0 14.5 10.5 9.5 – – 27.3 14.0 19.0 11.5 10.0 9.5 – –
Ireland 1.8 2.6 3.4 3.3 10.2 15.7 – – 2.0 2.6 3.4 3.2 – – – –
Italy 6.4 3.8 2.2 1.4 0.7 2.8 2.0 2.6 2.0 2.3 0.8 2.5 0.8 2.4 2.3 3.1
Netherlands 1.7 2.5 2.4 1.8 2.4 2.4 – – 1.8 1.8 2.6 1.7 5.0 3.2 – –
Norway 2.1 2.5 1.6 2.3 3.0 4.8 4.7 – 3.0 1.7 2.0 4.1 1.8 2.3 1.7 –
Poland 28.0 19.5 15.3 10.6 8.5 10.3 – – 21.9 21.1 14.1 7.0 8.6 3.7 – –
Romania – 22.8 60.2 – 10.1 – – – – – – 18.5 42.6 56.4 – –
Slovakia – 10.0 8.9 16.2 5.3 3.8 7.0 7.0 10.0 10.0 12.1 12.0 5.3 3.1 6.0 5.7
Spain – – – – 2.7 2.4 – – 3.5 4.2 3.2 1.6 5.4 2.2 – –
Sweden 1.9 3.8 1.8 1.8 1.8 2.6 2.5 3.3 1.9 3.8 1.8 1.8 1.8 2.6 2.5 2.5
Switzerland – 0.8 0.8 2.1 1.6 1.8 1.9 – – – – – 1.0 1.5 –  
UK 3.5 2.4 3.1 3.4 1.3 3.0 2.3 2.4 3.5 5.0 5.5 4.6 3.7 3.8 3.9 3.2
Argentina 1.9 –0.9 2.9 2.0 –1.8 –0.5 1.1 – 0.8 –5.0 1.1 0.0 –0.2 –1.7 1.0 –
Australia 4.7 1.2 0.8 0.8 1.2 3.0 – – 1.9 2.8 2.4 3.2 3.0 5.5 3.0 3.1
China – – 1.8 –1.5 –1.3 – – – –1.5 –2.5 –2.5 –1.2 –0.2 0.5 – –
Egypt – – – – – 2.6 – – 5.7 5.4 5.1 4.9 3.3 3.2 3.1 3.0
Hong Kong 8.2 7.0 5.3 –1.7 –4.0 –3.6 1.9 2.4 12.4 10.2 20.0 –7.7 –4.5 –12.2 5.4 4.4
India – – – 15.0 3.1 4.0 – – 8.1 4.5 4.5 5.8 3.5 5.0 5.0 5.2
Indonesia 3.9 3.4 6.9 74.4 1.8 5.9 – – 2.1 2.3 10.0 48.5 13.8 12.1 – –
Israel 13.0 8.0 10.7 6.7 2.8 4.7 – – 8.0 8.0 7.4 2.1 2.1 4.6 – –
Japan 0.9 –1.7 –0.6 –3.5 0.3 –0.2 – – –2.7 –1.3 –0.3 –2.2 –1.6 – – –
Kenya – – – – – – – – 10.0 9.1 6.7 0.0 6.3 2.9 25.7 13.6
Malaysia – – – – – 1.5 – – 2.0 0.9 3.2 0.4 4.0 – – –
New Zealand 2.9 2.6 0.0 2.1 2.4 2.4 – – 3.1 0.6 0.0 –0.4 0.6 2.1 2.3 2.1
Philippines – – 5.3 10.2 5.7 – – – – – – – – – – –
Saudi Arabia 5.0 0.9 2.0 0.4 1.5 2.0 2.1 2.1 – – – – – – – –
Singapore – – 2.3 –1.4 0.9 1.7 – – 5.2 8.9 2.7 0.0 –14.2 –8.2 – –
South Africa – 6.0 4.0 4.1 – – – – 6.8 5.7 6.2 7.2 11.8 6.5 4.2 –
Sri Lanka 7.7 15.9 9.6 9.4 4.7 17.7 – – 6.2 4.4 4.8 4.2 2.8 2.6 4.0 5.5
Taiwan 2.0 –0.5 5.0 0.6 0.6 –1.6 –1.1 –0.3 1.8 –1.8 1.2 –0.3 1.1 –1.0 –0.9 –0.4
Thailand – – 7.0 5.8 – 2.3 – – 5.7 –0.9 8.1 –1.7 0.0 2.5 2.5 1.6
UAE 4.5 0.0 4.3 8.3 0.0 –3.8 –1.6 – 4.5 0.0 4.3 8.3 0.1 – – –
USA * 2.3 2.1 2.9 4.5 2.3 2.6 – – 3.3 2.3 3.75 5.8 3.9 3.3 – –
* US building tender price inflation figures are an average for eight cities: Boston, Honolulu, Las Vegas, Los Angeles, Pheonix, Portland, San Francisco and Seattle.
ºÚ¶´ÉçÇø costs: offices and industrial (£/³¾2)
City-centre heated offices City-centre air-conditioned offices Factories, warehouses, industrial Out-of-town business park
£/³¾2 £/³¾2 floors* £/³¾2 £/³¾2 floors* £/³¾2 £/³¾2 floors* £/³¾2 £/³¾2 floors*
Country low high (typical) low high (typical) low high (typical) low high (typical)
Austria 937 1406 – 1156 1625 – – – – – – –
Cyprus 288 555 – 324 618 – 188 398 – 419 837 –
Czech Republic 358 455 6 455 664 – 192 434 1 385 490 6
Denmark 932 1020 2 1173 1293 2 827 916 1 1181 1285 2
Finland 716 907 5 786 957 5 443 544 1 665 786 2
France 603 731 5 658 822 6 251 292 1 502 685 3
Germany (Frankfurt) 625 911 – 781 1072 – 260 443 – 729 996 –
Greece 287 555 – 324 616 – 188 396 – 417 836 –
Hungary 291 368 4 352 460 6 184 230 1 306 383 3
Ireland 677 951 5 837 1141 5 228 342 1 342 456 1
Italy 495 619 8 588 944 8 294 526 1 805 1037 1
Netherlands 610 742 6 733 965 8 294 454 1 666 775 1
Norway 699 1152 4 741 1234 5 411 987 1 987 1481 4
Poland 448 727 – 606 946 – 279 462 1 – – –
Romania 406 454 8 447 489 8 – – – N/A N/A –
Slovakia 288 365 6 365 534 6 154 348 1 309 393 6
Spain 274 329 – 312 375 – 137 165 – 432 504 –
Sweden 607 704 4 635 807 4 435 566 1 552 690 1
Switzerland 682 826 – 826 1005 – 431 574 – 682 897 –
UK 900 1000 7 1250 1800 8 235 390 1 970 1180 4
Argentina N/A N/A – 464 607 20 107 143 1 357 500 3
Australia** N/A N/A – 569 923 24 177 247 1 410 597 3
China 565 741 25 590 767 25 233 405 2 690 845 3
Egypt 149 279 5 167 372 5 93 186 3 167 279 3
Hong Kong N/A N/A – 961 1244 45 430 604 15 1198 1555 4
India N/A N/A – 198 244 10 152 183 1 183 228 6
Indonesia N/A N/A – 189 246 – 133 171 – 133 152 –
Israel N/A N/A – 487 600 10 226 296 2 435 574 6
Japan N/A N/A – 1662 2727 15 385 847 1 1495 2316 –
Kenya 229 320 8 274 384 8 165 210 1 N/A N/A –
Malaysia N/A N/A – 188 338 30 84 131 2 N/A N/A –
New Zealand 428 514 20 514 599 25 86 171 – 285 371 2
Oman N/A N/A – 408 676 – 204 510 – N/A N/A –
Philippines N/A N/A – 276 363 40 145 204 2 291 320 8
Saudi Arabia N/A N/A – 571 951 7 399 666 1 N/A N/A –
Singapore N/A N/A – 697 819 25 268 328 – 568 629 –
South Africa † 164 182 – 196 280 – 108 157 – N/A N/A –
Sri Lanka N/A N/A – 674 952 18 88 104 – 365 432 4
Taiwan 328 460 15 394 525 15 197 263 2 263 328 8
Thailand N/A N/A – 358 456 30 114 147 2 N/A N/A –
UAE N/A N/A – 389 680 20 194 389 – 369 534 3
USA †† 836 1140 4 954 1406 18 380 644 1 809 1208 3
* Typical number of storeys has only been provided where identified by local offices.
** Australia figures are an average for Melbourne and Sydney.
† South Africa figures are an average for Durban, Johannesburg and Pretoria.
†† USA figures are an average for 11 cities: Boston, Denver, Hawaii, Las Vegas, Los Angeles, New York, Pheonix, Portland, San Francisco, Seattle and Washington DC.
ºÚ¶´ÉçÇø costs: residential and retail (£/³¾2)
High-rise apartments Shopping centre High-quality capital city hotel ** Provincial/
suburban hotel **
£/³¾2 £/³¾2 floors* £/³¾2 £/³¾2 floors* £/³¾2 £/³¾2 floors* £/³¾2 £/³¾2 floors*
Country low high (typical) low high (typical) low high (typical) low high (typical)
Austria 1062 1125 – – – – – – – – – –
Cyprus 345 492 – 293 523 – 523 837 – 335 471 –
Czech Republic 297 437 10 367 525 2 612 874 8 395 525 3
Denmark 852 948 5 1004 1092 1 1269 1358 5 940 1004 3
Finland 786 1139 4 544 665 2 1078 1199 5 836 957 3
France 484 621 10 411 639 2 1142 1462 8 639 822 4
Germany (Frankfurt) 521 677 – 651 911 – 1042 1172 – 651 911 –
Greece 343 493 – 292 523 – 523 836 – 335 470 –
Hungary 260 322 7 352 521 2 582 888 7 291 429 5
Ireland 533 685 5 1141 1446 2 913 1103 4 761 951 3
Italy 557 696 4 820 1176 1 712 1083 4 511 866 2
Netherlands 379 617 10 500 681 1 1111 1286 8 965 1063 4
Norway 561 935 3 560 905 2 1481 1646 5 741 1070 2
Poland 401 702 – 466 681 2 821 1025 – 562 821 –
Romania 272 314 8 N/A N/A – 629 698 7 503 545 5
Slovakia 239 351 10 295 421 2 492 702 8 317 421 3
Spain 328 393 – 298 357 – 468 562 – 343 418 –
Sweden 442 580 4 676 800 2 842 1028 6 662 786 4
Switzerland 718 933 – 502 646 – 1005 1220 – 646 861 –
UK 900 1500 8 800 1300 2 1450 1750 10 1100 1300 4
Argentina 321 428 25 428 571 3 643 714 20 357 428 4
Australia † 457 783 15 392 588 2 858 1156 18 681 858 3
China 302 396 35 646 793 4 776 1077 25 603 879 15
Egypt 149 372 12 167 260 4 386 743 12 167 372 5
Hong Kong 915 1153 45 1034 1198 4 1052 1500 25 N/A N/A –
India 122 183 15 183 274 3 533 913 10 198 244 7
Indonesia 152 227 – 133 152 – 265 341 – 208 246 –
Israel 435 478 16 348 478 2 522 652 12 382 522 3
Japan 1752 1944 20 706 1752 – 2336 3497 20 1655 2137 10
Kenya N/A N/A – 238 293 3 320 412 6 256 348 5
Malaysia 113 357 15 160 338 3 282 657 – 225 469 –
New Zealand 399 542 20 242 399 – 656 742 – 514 599 –
Oman 478 815 – 463 1112 – 510 917 – 389 713 –
Philippines 262 393 30 174 218 4 480 582 35 291 349 8
Saudi Arabia 666 913 7 571 951 2 761 923 7 609 977 4
Singapore 616 819 25 446 527 – 852 973 – 649 811 –
South Africa †† 222 328 – 173 236 – 295 397 – 222 292 –
Sri Lanka 599 767 15 358 478 4 746 970 10 460 530 4
Taiwan 591 722 14 427 490 10 460 525 15 360 490 10
Thailand 277 358 20 212 293 4 456 521 20 244 326 3
UAE 408 777 15 437 1166 3 486 971 15 408 680 7
USA § 684 1189 17 642 998 2 1357 1877 15 918 1222 5
* Typical number of storeys has only been provided where identified by local offices.
** Excludes furniture, fittings and equipment.
† Australia figures are an average for Melbourne and Sydney.
†† South Africa figures are an average for Durban, Johannesburg and Pretoria.
§ USA figures are an average for 11 cities: Boston, Denver, Hawaii, Las Vegas, Los Angeles, New York, Pheonix, Portland, San Francisco, Seattle and Washington DC.
Labour rates (£/hour)
Basic rate * All-in rate **
Country Unskilled Semi-skilled Skilled Unskilled Semi-skilled Skilled
Austria 4.55 4.98 5.88 9.31 10.02 11.40
Cyprus 3.09 3.35 3.98 4.92 5.50 6.80
Czech Republic 0.80 1.49 2.45 2.54 3.67 5.33
Denmark 10.84 12.13 13.33 20.73 23.54 25.55
Finland 5.04 6.65 7.76 8.67 11.49 13.50
France 5.48 6.39 7.76 10.96 12.79 15.53
Germany (Frankfurt) 5.51 6.74 10.72 18.38 19.91 22.98
Greece 3.17 3.35 4.05 4.93 5.63 6.87
Hungary 0.69 1.13 1.62 2.08 3.28 4.66
Ireland 5.92 6.73 7.40 10.63 12.22 13.29
Italy 6.19 6.81 7.74 13.63 14.78 15.66
Netherlands – – 15.50 – – 17.81
Norway 5.84 9.35 10.85 16.46 17.95 21.32
Poland 1.21 1.49 1.80 2.25 2.78 3.34
Romania 0.53 0.71 0.88 0.80 1.06 1.33
Slovakia 0.63 1.19 1.97 2.04 2.88 4.21
Spain 4.32 4.68 5.04 6.48 6.84 7.20
Sweden 5.17 7.24 9.31 8.97 12.42 17.25
Switzerland 11.20 12.20 12.63 18.66 20.46 21.54
UK 4.78 5.46 6.35 6.30 7.23 8.44
Argentina 1.64 2.00 2.36 3.21 3.93 4.64
Australia † 5.55 6.01 6.32 9.85 10.52 11.09
China 0.20 0.29 0.48 0.22 0.34 0.55
Egypt 0.37 0.63 1.12 0.56 0.84 1.49
Hong Kong 6.95 0.00 11.16 7.96 0.00 12.81
India 0.17 0.24 0.30 0.19 0.28 0.34
Indonesia 0.15 0.21 0.25 0.23 0.31 0.38
Israel 4.17 5.22 6.95 4.87 6.61 9.04
Japan 11.61 14.95 17.52 17.45 22.46 26.31
Kenya 0.19 0.30 0.41 0.32 0.51 0.70
Malaysia 0.00 0.00 0.00 1.03 1.31 2.16
New Zealand 2.85 4.42 5.71 3.42 5.56 6.99
Oman 0.56 0.74 1.02 1.20 1.48 1.85
Philippines 0.45 0.55 0.64 0.52 0.63 0.73
Saudi Arabia 0.86 1.14 1.90 1.62 2.09 2.85
Singapore 1.46 1.95 2.43 2.39 2.47 2.64
South Africa †† 0.70 1.25 2.10 0.88 1.61 2.72
Sri Lanka 0.12 0.00 0.18 0.19 0.00 0.30
Taiwan 0.41 0.47 0.68 0.81 0.98 1.09
Thailand 0.41 0.65 0.90 0.49 0.73 0.98
UAE 0.87 0.89 0.97 1.17 1.22 1.42
USA § 15.51 18.47 22.00 23.20 28.50 34.35
* Basic labour rate is the amount paid to a site operative, based on figures issued by the government of each country. In many cases, employers may be paying above or below the basic rate.
** All-in rate includes guaranteed overtime payments, National Insurance contributions, other statutory contributions, importation of labour and other costs incurred in employment of labour. The all-in labour rate for the Middle East includes the cost of importing labour, food and accommodation.
† Australia figures are an average for Melbourne and Sydney.
†† South Africa figures are an average for Durban, Johannesburg and Pretoria.
§ USA figures are an average for 11 cities: Boston, Denver, Hawaii, Las Vegas, Los Angeles, New York, Pheonix, Portland, San Francisco, Seattle and Washington DC.
ºÚ¶´ÉçÇø materials supply prices
Steel rebar
high yield		 Structural
steel		 Ordinary
cement		 Concrete,
(20 N/mm2)		 Aggregate all
grades		 Sand
(coarse)		 Plaster Carcassing
timber		 Common
bricks		 Concrete
blocks
(100 mm)		 Glass
(6 mm)
Country £/³Ù´Ç²Ô²Ô±ð £/³Ù´Ç²Ô²Ô±ð £/³Ù´Ç²Ô²Ô±ð £/³¾3 £/³Ù´Ç²Ô²Ô±ð £/³Ù´Ç²Ô²Ô±ð £/³Ù´Ç²Ô²Ô±ð £/³¾3 £/1000 £/³¾2 £/³¾2
Austria 272 – 84 – 9 10 107 – – – –
Cyprus 194 659 37 21 5 5 47 206 141 7 6
Czech Republic 280 490 41 24 6 6 29 96 122 6 5
Denmark 651 552 100 108 7 6 69 314 222 14 –
Finland 293 629 63 33 5 5 176 126 – 6 20
France 484 639 69 37 13 12 70 183 219 7 11
Germany (Frankfurt) 236 502 63 41 11 8 116 173 202 13 22
Greece 194 658 37 21 5 5 5 206 141 7 6
Hungary 331 475 46 20 8 7 83 144 119 7 9
Ireland 266 799 67 42 6 6 92 – 228 3 19
Italy 198 526 56 43 10 9 68 161 50 6 18
Netherlands 481 789 62 50 14 16 92 198 107 14 18
Norway 299 1047 97 49 7 7 94 135 299 11 21
Poland 236 290 38 27 7 2 57 146 105 6 4
Romania 237 237 31 23 10 10 50 384 94 2 6
Slovakia 246 433 36 22 5 5 25 84 108 5 5
Spain 360 378 40 37 8 9 68 157 68 4 12
Sweden 417 580 66 63 10 6 169 166 193 10 12
Switzerland 689 – 122 68 23 32 158 301 – – 14
UK 377 613 80 63 12 12 131 208 180 8 21
Argentina 336 571 79 56 16 4 82 57 86 6 19
Australia * 383 485 85 41 11 8 103 242 168 7 13
China 215 259 28 27 5 4 19 125 23 3 4
Egypt 232 372 45 33 4 2 – 158 22 2 6
Hong Kong 189 334 60 46 7 4 55 132 74 7 4
India 264 335 41 37 12 3 30 – 23 5 8
Indonesia 171 303 30 23 4 3 121 – 19 1 3
Israel 243 743 47 40 78 2 43 574 – 6 8
Japan 186 449 57 77 26 28 – 340 – 10 13
Kenya 412 549 91 55 8 7 – 101 – 4 8
Malaysia 225 507 38 24 6 3 84 137 39 3 1
New Zealand 342 428 61 47 8 9 – 228 194 6 14
Oman 371 741 54 24 2 4 41 204 – 4 9
Philippines 225 304 40 33 9 6 – 165 – 1 33
Saudi Arabia 285 571 49 38 4 2 67 152 N/A 3 23
Singapore 207 288 33 18 4 4 – 296 55 4 11
South Africa ** 264 526 38 29 6 4 41 144 43 3 14
Sri Lanka 298 454 54 45 6 3 – 270 17 2 5
Taiwan 184 434 39 33 6 8 – 281 33 7 8
Thailand 187 489 33 37 5 4 81 – 10 5 5
UAE 185 291 31 27 7 12 165 291 – 3 16
±«³§´¡â€  526 1214 112 67 12 11 162 155 273 14 39
* Australia figures are an average for Melbourne and Sydney.
** South Africa figures are an average for Durban, Johannesburg and Pretoria.
† USA figures are an average for 11 cities: Boston, Denver, Hawaii, Las Vegas, Los Angeles, New York, Pheonix, Portland, San Francisco, Seattle and Washington DC.