Construction Output Volume Down 12% y.o.y. in May
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According to raw data the volume of construction output lagged behind the previous year’s level by 12% in May 2023, according to a report by the Central Statistical Office (KSH).
The output of both main groups of construction lessened: the construction of buildings by 13.2%, and that of civil engineering by 10% compared to May 2022.
Among the divisions of construction, production decreased by 13.6% in the construction of buildings, by 11% in civil engineering, and lessened by 11.4% in specialized constructions.
The volume of new contracts concluded was below the May 2022 base by 36.9%; within it the volume of contracts for the construction of buildings was 48.5% lower, and the volume regarding civil engineering declined by 11.9%, KSH notes.
The volume of the end-of-May stock of contracts at construction enterprises lessened by 30.2% compared to the previous year: within it the volume of contracts was down by 13.7% for the construction of buildings and lessened by 40.8% for civil engineering works.
In January-May, construction output volume decreased by 8.8% compared to the first five months of 2022.
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