Polish construction's output unexpectedly swings into drop of 3.9% y/y in January

By bne IntelliNews February 20, 2014

Poland's construction industry has swung into a decline after four months of improvement (which led to the first annual since May of 2012), it transpires from the recent output data by national stats office GUS. In January of 2014, the construction and assembly production (in constant prices), including investment and repair work, carried out domestically by construction enterprises employing more than 9 persons, was down by 3.9% on the year (and it plummeted by 64.0% m/m).
Market consensus was growth of 1.3-1.7% y/y vs. December’s rise of 5.8% y/y, November's fall of 2.9% y/y, October's drop of 3.2% and September's decline of 4.8% y/y.
After eliminating the seasonal factors, in January, construction and assembly production reached the level by 3.9% lower than in the corresponding month of the previous year and in comparison to the previous month, it decreased by 1.4%.
In relation to January of 2013, a decrease in production was recorded in entities specializing in civil engineering – by 10.1%, in entities dealing mainly with specialised construction activities by 2.0% and in entities whose basic type of activity is the construction of buildings production reached the same level as in the corresponding month of the previous year.

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