Construction output drops 17.6% y-o-y in July
The volume of Hungary’s construction output fell by 17.6% in July compared to the same month a year earlier, with output in the two main groups of construction moving in opposite directions. While the construction of buildings increased by 1%, civil engineering works fell by 31.8%, Hungary’s Central Statistical Office (KSH) reported today.
Growth in the construction of buildings is largely the result of the construction of industrial and, to a lesser extent, educational buildings and sports facilities, the KSH noted, while the decline in civil engineering works is primarily attributed to the completion of works carried out using EU funds at the end of 2015.
Of the divisions of construction, output increased by 2.8% in the construction of buildings in July compared to a year earlier, while falling by 37.8% in civil engineering, and by 10.4% in specialized construction activities.
The volume of new contracts was 3.1% lower than in the corresponding period of the previous year, within which the volume of new contracts concluded was up by 88.2% in the construction of buildings, and down by 41.0% in civil engineering works, the KSH added.
Based on seasonally and working day-adjusted indices, construction output decreased by 3.2% in July from the previous month.
In January-July 2016, the volume of construction output was 24.1% lower than the corresponding seven-month period a year earlier, the KSH noted.
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