Hungary Construction Output Volume Shrinks in March
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According to raw data, the volume of construction output in March 2023 lagged behind the previous year’s level by 9.8%, with a higher output during the base period also playing a part in this trend, according to the Central Statistical Office (KSH).
Compared to March 2022, the output of both main groups of construction lessened: the construction of buildings by 13.2% and that of civil engineering by 1.6%.
Among the divisions of construction, production decreased by 21.8% in the construction of buildings, by 0.9% in civil engineering, and by 4.6% in specialized constructions.
The volume of new contracts concluded was below the March 2022 base by 31.8%; within it, the volume of contracts for the construction of buildings was 3.6% higher, and the volume regarding civil engineering declined by 54.1%.
The volume of the end-of-March stock of contracts at construction enterprises lessened by 27.9% compared to the same period of the previous year. The volume of contracts was down by 9.0% for the construction of buildings and lessened by 39.4% for civil engineering works.
Construction Output Down 9.2% y.o.y. in Jan-March
In the first three months of 2023, construction output decreased by 9.2% compared to January-March 2022.
In the first quarter, within the divisions of construction, prices increased the most in the greatest weight-carrying specialized construction activities (by 25.5%), and grew in the construction of buildings and in civil engineering by 23.8% and 22% compared to the same period of the previous year.
The price increase was caused principally by the rising costs, especially the significant price hike of several building materials.
The first quarter’s construction prices were 4.8% higher than in the previous quarter.
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