Hungary’s construction output rises 11.4% y/y in December 2013.

By bne IntelliNews February 14, 2014

Hungary’s construction output increased by 11.4% y/y in both unadjusted and working day-adjusted terms in December 2013, extending an upward trend that started in February 2013, data from the statistics office showed.

In seasonally-adjusted terms, the output edged down up by 1.3% m/m in December, reversing a 3% m/m rise in November.

The annual growth was due to low base effects and was supported by stronger demand for industrial buildings, the statistics office said. The output of buildings was up by 28.5% y/y and the civil engineering sector increased by 27.8% y/y in December.

The volume of new construction orders surged by 59% y/y, pushed up by a 96.5% y/y rise in the civil engineering works, coupled with a 9.9% y/y increase in new contracts for building construction. The total stock of orders at end-December 2013 was 64.9% higher on the year, while a month earlier it rose by 58.1% y/y.

In cumulative terms, the construction output grew 9.6% y/y in 2013.

Construction contributed 0.3pps to Hungary's GDP growth in Q3 2013, after expanding 7.3% y/y in the period. Taking into account the data for the last three months, the sector could have an even stronger contribution to the GDP growth in Q4 2013.

Related Articles

V4 leaders positive after dinner with European Commission president

The head of the European Commission Jean-Claude Juncker held talks with leaders of the Visegrad Group at a nearly three-hour dinner on October 19.  The dinner on the eve of the EU summit was ... more

Wizz Air applies for UK license as it prepares for Brexit turbulence

Hungary-based no-frills airline Wizz Air has set up subsidiary in the United Kingdom and is considering acquiring an air operators certificate (AOC) in preparation for possible negative impacts ... more

Hungarian retail investors continue to pile into domestic government bonds

The stock of government bonds held by households rose by HUF154bn (€500mn) September to an all-time high of HUF6.5 trillion, Hungary’s Government Debt Management Agency (AKK) said on October 16. ... more

Dismiss