Construction Output Volume Down 11.8% y.o.y. in February
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According to raw data published by the Central Statistical Office (KSH), Hungary's volume of construction output in February 2023 lagged behind the previous year’s level by 11.8%, a higher output during the base period also played a part in this trend.
Compared to February 2022, the output of both main groups of construction lessened: the construction of buildings by 8.8% and that of civil engineering by 17.7%.
Among the divisions of construction, production decreased by 2.7% in the construction of buildings, by 19.8% in civil engineering, and by 15.7% in specialized constructions.
The volume of new contracts concluded was below the February 2022 high base by 44.4%; within it, the volume of contracts for the construction of buildings was 36.6% lower, and the volume regarding civil engineering declined by 49.7%.
The volume of the end-of-February stock of contracts at construction enterprises lessened by 25.2% compared to the same period of the previous year; within it, the volume of contracts was down by 13.6% for the construction of buildings and lessened by 33.1% for civil engineering works.
In the first two months of 2023, construction output decreased by 8.3% compared to January-February 2022.
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