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Construction output volume down 3.4% y.o.y. in March

Based on raw data, the volume of construction output fell 3.4% in March 2020 compared to the same month of 2019, according to a report by the Central Statistical Office (KSH).

The output of the two main groups of construction developed inversely. In the construction of buildings, output rose by 0.3% compared to March 2019, while in civil engineering it decreased by 10% year-on-year.

The volume of new contracts fell by 9.9%. There were 31.4% fewer new contracts concluded in the building construction group. On the other hand, the new contract volume grew by 18.9% in civil engineering.

The volume of the February end-of-month stock of contracts at construction enterprises was 16.3% lower year-on-year. The volume of contracts increased by 2.7% for the construction of buildings and decreased by 24.4% for civil engineering works.

In the first three months of 2020, construction output remained basically unchanged (- 0.1%) compared to Q1 2019. However, based on seasonally and working-day adjusted indices, construction output decreased by 5.2% in March compared to February 2020. 

Construction prices were 2.6% higher in Q1 2020 than in Q4 2019.