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Construction association projects bigger contraction than before

The outlook for Hungary's construction sector has worsened since the beginning of the year and is likely to contract 6-10%, Laszlo Kóji, deputy head of building association EVOSZ, said on Friday, after the Central Statistics Office (KSH) published fresh data on the sector.

Construction sector output climbed 1.7% month-on-month in February, but fell 3.4% year-on-year, KSH said early Friday. New orders stock was halved from the same month a year earlier.

February was the fifth month in a row when the drop in new orders was in the double digits, Koji said. Building companies report the situation did not improve in March, he added.

EVOSZ projected a 2-3% contraction of the construction sector at the beginning of the year.