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.
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