KSH: Construction output drops 26.6% in May, y-o-y
The volume of construction output in Hungary was down by 26.6% in May as compared to the same month a year earlier, Hungary’s Central Statistical Office (KSH) reported today. The one silver lining in otherwise glum construction report was a rise in new contracts.
According to KSH, the decline in construction – just as in the previous four months – was partly caused by the rush to use up EU funds by the end of 2015, which meant that last May was a very busy time for building and that there has been less construction since.
Output dropped in both main groups of construction: the construction of buildings dropped 4.4%, and civil engineering work was down 43.8%, KSH reported.
In the first five months, the volume of construction output was 27.9% lower than a year earlier, the report says.
The volume of new contracts was 15.0% higher than in the same period of the previous year: The volume of new contracts concluded for the construction of buildings and civil engineering works was up by 21.6% and 11.1% respectively, according to KSH.
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