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Hungary construction sector decline slows to 3.4% in January

Output of Hungary's construction sector fell 3.4% yr/yr in February after declining 4.4% yr/yr in January, the Central Statistical Office (KSH) said on Friday.

The January figure was revised down from a 4.2% yr/yr decline announced in February.

The decline – the same according to both unadjusted and workday-adjusted figures – slowed from a 12.3% drop yr/yr in December. The last twelve-month increase, of 15.1%, was registered in June 2009.

In a month-on-month comparison, the sector's output grew a seasonally-adjusted 1.7% after stagnating in January and a 4.1% fall in December. The January figure was revised up from an original 0.1% fall, and the December figure was also revised up from a 4.3% fall. Output rose 2.8% in November and fell in October and September after monthly increases in last July and August.

January and February output historically tends to be around 60% of that of the average month throughout the year due to seasonal factors, KSH remarked.

Construction sector output slipped 10.1% last year. The sector's output dropped 4.3% in 2009; output fell each year since 2006.

In February, volume of new orders was down 49% yr/yr after declining 46.6% yr/yr in January. In December, it was down 27.9% yr/yr.

The stock of orders at the end of February was down 28.8% yr/yr, after declining 21.7% yr/yr in January. It was 13.3% smaller yr/yr at the end of December.