Hungarys August construction output drops 5.3% y/y.

By bne IntelliNews October 16, 2012
Hungarys construction output dropped by 5.3% y/y in August, reversing a 7.6% growth in the previous month, data from the statistics office showed. The July growth proved to be only temporary, mainly due to the very low base in the same month a year earlier. In seasonally-adjusted terms, the construction production decreased also by 5.3% mm/ in August, following an 8.6% m/m increase in July. The output in building construction contracted by 7.3% y/y in August, after edging up by 0.1% y/y in July. The output in the civil engineering sector decreased by 10.3% y/y. Specialised construction works were down 1.2% y/y in August, decreasing for the ninth month in a row. In terms of volume, the construction of buildings slipped by 10.8% y/y but the civil engineering works grew by 1% y/y. The volume of new orders edged up by 0.5% y/y on the back of a 20.7% y/y increase in civil engineering, while building construction registered 20% y/y drop. The total stock of orders as of end-August was 3.5% higher on the year, while a month earlier it was 0.7% higher than at end-July 2011.
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