Construction Output Down 12.8% y.o.y. in November
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Construction output volume, based on raw data, lagged behind the previous year’s level by 12.8% in November 2023, according to data published by the Central Statistical Office (KSH).
Output of both main groups of construction decreased: the construction of buildings fell by 18.3% compared to November 2022, that of civil engineering lessened by 3.5%.
Among the divisions of construction, production decreased by 13.4% in the construction of buildings, and rose by 2.5% in civil engineering. Production in specialised construction activities, having the highest weight in construction, fell by 19.2%.
The volume of new contracts concluded grew by 60.3%; within it the volume of contracts for the construction of buildings went down by 19.5%, that of civil engineering was 186% higher than a year earlier. The increase is owing to high vaule contracts for traffic infrastructure developments.
The volume of the end-of-November stock of contracts at construction enterprises lessened by 21.2% compared to thesame period of the previous year: within it the volume of contracts was down by 15.6% for the construction of buildings and decreased by 25.3% for civil engineering works.
In January-November 2023, construction output in Hungary decreased by 5.3% compared to the same period of 2022.
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