Hungary Construction Output Decreases in June

Construction

According to raw data published by the Central Statistical Office (KSH), the volume of construction output lagged behind the previous year’s level by 3.8% in June 2023.

 

Output of the two main groups of construction changed oppositely: the construction of buildings grew by 7.5%, that of civil engineering fell by 20.5%, compared to June 2022, KSH notes.

Among the divisions of construction, production increased by 8.1% in the construction of buildings and decreased by 24.6% in civil engineering. Production in specialized constructions rose by 0.7%.

The volume of new contracts concluded increased by 16.7%. Within it the volume of contracts for the construction of buildings was 40.1% higher, and the volume regarding civil engineering declined by 14.4% year-on-year.

The volume of the end-of-June stock of contracts at construction enterprises lessened by 26.1% compared to the previous year: within it the volume of contracts was down by 2% for the construction of buildings and decreased by 40.9% for civil engineering works.

In the first six months of 2023, construction output decreased by 7% compared to January-June 2022.

Rising Costs Drive Construction Producer Prices Higher

Prices increased the most in the greatest weight-carrying specialized construction activities (by 17.9%) in the second quarter of 2023, within the divisions of construction, and went up in the construction of buildings and in civil engineering by 16.6% and 16.8% compared to the same period of 2022.

The price increase was caused principally by rising costs, especially the growing wages and the increasing prices of several building materials.

Construction prices were 1.6% higher than in Q1 2023

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