Construction Output Volume Down 6.3% y.o.y. in March

Construction

Construction output volume, based on raw data, was below the previous year’s level by 6.3% in March 2024, according to the Central Statistical Office (KSH).

Output of the two main groups of construction changed differently: the construction of buildings decreased by 10%, and that of civil engineering grew by 0.8%.

Among the divisions of construction, production volume decreased by 18.6% in the construction of buildings, and by 24.2% in civil engineering. Production in specialized construction activities, however, having the largest weight in construction, expanded by 9.1%.

The volume of new contracts concluded grew by 19.4%. Within it, the volume of contracts for the construction of buildings increased by 50.2%, that for civil engineering lessened by 23.3%, year-on-year.

The volume of the end-of-March stock of contracts at construction enterprises lessened by 3.7%, within it the volume of contracts was down by 0.7% for the construction of buildings and decreased by 6.7% for civil engineering works compared to the same period of the previous year.

In the first three months of 2024 compared to the same period of the previous year:

Both Prices and Production Volume Grow in Q1

In the first three months of 2024, production volume in construction grew by 2.3% compared to the same period of 2023.

Within the divisions of construction, prices increased in Q1 2024 by a similar rate (by 7.3% and 7.1%) in civil engineering and in the greatest weight carrying specialized construction activities, and went up at a lesser degree, (by 5.4%), in the construction of buildings compared to the 1st quarter of 2023.

Construction prices were 2.4% higher than in the previous quarter.

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