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Construction sector output falls 8.5% yr/yr in May

The output volume of Hungary's construction sector fell 8.5% in May compared to the same period a year earlier, according to unadjusted figures published by the Central Statistics Office (KSH) on Wednesday.

KSH attributed the decline to a high base, as well as a fall in road construction and home-building orders. Construction sector output fell a workday-adjusted 9.5% during the same period. Compared to April, output fell a seasonally and workday-adjusted 3.7%.
Construction sector output was Ft 153.7 billion in May at current prices. The sector was worth Ft 635.5 billion in January-May, 0.5% more than in the same period a year earlier. In May 2005, the construction sector expanded an unadjusted 10.9% and grew a workday-adjusted 9.6%. Output during the month fell, however, by 3.1% from April 2005, according to seasonally and workday-adjusted figures.
The biggest branch of the construction sector, completed constructions and other civil engineering contracted 12.2% in May compared to the same month a year earlier. However, the branch expanded 1.8% year on year in January-May.
Output of the building installation branch fell 2.4% year on year in May and was down 2.9% year on year in January-May. Output of the building completion branch fell 10.7% year on year in May. The building construction branch contracted 8.6% year on year in May, with output declining 3.8% year on year in January-May.
Output of the civil engineering branch fell 8.3% year on year in May, albeit from a high base. Output of this branch rose, however, by 6.5% year on year in January-May.
Regionally, five-month construction sector output rose 36.1% in Central Transdanubia and 19.8% in Northern Hungary, but output feel in Western Transdanubia and in the Southern Great Plain region.
The sector's stock of orders was 0.4% higher at the end of May than twelve months earlier. Stock of orders for construction of buildings was up 33.7%, but stock of civil engineering orders fell 10.8%. Stock of new orders in May fell 21.2% from the same month a year earlier. Stock of new orders for buildings fell 20.7% and stock of new orders for civil engineering fell 21.8%. The volume of contracts was 17.2% higher than in May 2005. Cost-based prices of the construction sector increased 6.6%. Prices in the completed buildings and civil engineering branch increased 7.6% year on year in May, including a 1.5% rise from April.