Construction output down 9% y-o-y in August

Construction

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The volume of Hungary’s construction output dropped by 9% in August compared to the same month a year earlier, with output in the two main groups of construction changing in opposite directions. While construction of buildings grew by 7%, civil engineering works fell by 23.9%, the Central Statistical Office (KSH) said this morning in a first reading of data.

The August figure shows an improvement on July, when construction output fell by 17.6% compared to July 2015.

At the same time, based on seasonally and working day-adjusted indices, construction output was up 4.6% in August compared to the same month of 2015.

Growth in construction of buildings continues to be largely the result of the construction of industrial and, to a lesser extent, educational buildings and sports facilities, the KSH said in explaining the 7% growth seen in August. At the same time, the 23.9% decline in civil engineering works was primarily caused by the completion of works carried out using EU funds at the end of 2015, according to the KSH.

Of the divisions of construction, output increased by 3.7% in the construction of buildings, fell by 34.1% in civil engineering, and grew by 7.5% in specialized construction activities, the KSH said based on its data.

The volume of new contracts was 13.3% lower than in the same month of the previous year, within which the volume of new contracts was down by 20.6% for the construction of buildings and by 8.2% for civil engineering works, the KSH added.

In the January-August period, the volume of Hungary’s construction output dropped by 22% compared to the corresponding period a year earlier.

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