Construction output down 21% y.o.y in July
The volume of construction output, based on raw data, was 21% lower in July 2020 compared to the high base of the previous year, according to data by the Central Statistical Office (KSH).
Compared to July 2019, output decreased in both main groups of construction: in the construction of buildings by 18.8%, in civil engineering by 22.9%.
The volume of new contracts concluded decreased by 41.5%, within it the volume of new contracts for the construction of buildings fell by 38.7%, the volume for civil engineering works dropped by 43.6%.
The volume of the July end-of-month stock of contracts at construction enterprises was 21% lower than at the end of July 2019. The volume of contracts increased by 5% for the construction of buildings and decreased by 31.4% for civil engineering works compared to the previous year.
Based on seasonally and working-day adjusted indices construction output increased by 3.5% compared to June 2020 data.
The negative economic effects of the coronavirus pandemic on the construction industry were significant in July, KSH notes.
In January-July 2020, construction output lessened by 9.8% compared to the same period of the previous year.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.