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Hungary construction sector decline slows down to 2.2% in November

Output of Hungary's construction sector fell 2.2% in November from the same month a year earlier, the Central Statistics Office (KSH) said.

The decline -- the same according to both unadjusted and workday-adjusted figures -- slowed down from a 12.2% drop in October. The twelve-month drops widened after narrowing to 4.5% in July. The last twelve-month increase, of 15.1%, was registered in June 2009.

In a month-on-month comparison, the sector's output rose a seasonally-adjusted 2.2% in November, after falling 2.5% in October and 2.8% in September. The drops came after monthly increases in July and August.

Construction sector output slipped 9.8% in January-November from the same period a year earlier.

Output of the buildings segment rose 5.5% in the twelve months to November, primarily due to a very low base, but some industrial and university investments contributed as well. January-November output of the segment dropped 5.6%. At the same time, October output of the civil engineering segment dropped 8.4%, largely due to a decline of around one-quarter of the output of road construction companies. Eleven-month output dropped 14.4%.

Output of the buildings segment rose a seasonally adjusted 6.6% from October and civil engineering output fell 2.7% in a month.

Construction sector order stock was down 11.4% in volume terms in November from twelve months earlier, declining for the fourth month in a row after rising since March 2009. Order stock for building construction was down 28.5%. Orders for civil engineering projects rose 2.7%.

New order stock fell 23.6% in November from the same month a year earlier. New orders in the building construction segment were down 37.7%. New orders in the civil engineering segment were down 7.1%.

Hungary's construction sector has contracted every year since 2006. Output fell 4.3% in 2009. (MTI – Econews)