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UPDATE - Hungary construction sector decline slows to 8.5% yr/yr in October

Construction

Output of Hungary’s construction sector was down 8.5% in October from the same month a year earlier, with the decline slowing down from 12.0% a month earlier thanks to road and railway construction projects, the Central Statistics Office (KSH) said on Friday.

In a month-on-month comparison, construction sector output was unchanged according to seasonally- and workday-adjusted figures after falling 2.0% in September.

Output of the building segment fell 16.8% year-on-year in October after falling 23.0% in September. Output of the segment fell by a seasonally adjusted 4.9% from September

Output of the civil engineering segment was down 0.5% in the twelve months to October after rising 1.4% yr/yr in September, in the first yr/yr rise in the segment since January 2010. It fell 0.7% from September according to seasonally adjusted figures.

Construction sector output fell 10.3% in January-October from the same period a year earlier after a 10.4% decline in the full year of 2010.

Hungary’s construction sector output fell every year since 2006.

At current prices, construction output totalled HUF 161.2bn in October 2011, down HUF 11.0bn from a year earlier.

New orders signed by construction companies in October were worth HUF 112.3bn, down 7.6% in volume terms from twelve months earlier. New orders in the building segment were down 7.2% in volume terms and totalled HUF 55.9bn at current prices. New orders in the civil engineering segment were 7.9% lower in volume terms than in October 2010 and were worth HUF 56.4bn.

Stock of construction sector orders was down 37.1% in volume terms at the end of October from twelve months earlier. Order stock was HUF 476.6bn at current prices.

The order stock for buildings was down 36.5% from a year earlier in volume terms at the end of October and was worth HUF 180.6bn. Total orders held by the civil engineering segment fell 37.5% yr/yr and stood at HUF 296.0bn.

New orders in the building construction segment has been down yr/yr each month since October 2010. New civil engineering orders fell after twelve-month rises in May and June, the first rises in the segment after steady declines between July 2010 and April 2011.

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