Public sector investments fuel construction industry’s growth in Romania

Public sector investments fuel construction industry’s growth in Romania
/ bne IntelliNews
By bne IntelliNews September 21, 2023

The volume of construction works in Romania (chart) increased by 15.8% y/y in July, the statistics office INS announced.

The annual growth rate remained above 15% y/y for the fourth consecutive month.

In July, the growth was fueled by civil engineering (infrastructure) works, which surged by 37.6% y/y in the month and maintained an annual growth rate of over 35% y/y for the fourth consecutive month.

The construction of non-residential constructions is also growing, by 7.7% y/y in July and 12% y/y in the rolling 12-month period ending July. But this sector’s growth is more volatile because it includes segments with different trends (office, retail and logistics).

As regards the residential buildings segment, it posted negative growth in July (-14.3% y/y) and in the rolling 12-month period (-3% y/y) but on a longer-term perspective it stagnated after record growth rates in 2020-2021.

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Data

Russia’s services PMI posts 52.2 in November as growth cools, but remains comfortably in the black

Russian service providers recorded a modest expansion in business activity during November, according to the latest PMI survey from S&P Global, but the rate of growth slowed somewhat from October.

Employment in Romania up 1.3% y/y in Q3

Largest number of jobs created in construction, IT&C and hospitality sectors.

Czech GDP dropped by 0.7% y/y and by 0.5% q/q in 3Q23

Czechia remains the only EU country not to have recovered its pre-pandemic level of output.

Turkey releases official November inflation slightly up at 62% y/y

Independent group ENAG calculates 129% y/y.

Low base and agriculture lift Hungary out of technical recession in Q3

Hungary’s economy grew 0.9% quarter-on-quarter in the third quarter, after four consecutive months of contraction.

Russia’s services PMI posts 52.2 in November as growth cools, but remains comfortably in the black
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Employment in Romania up 1.3% y/y in Q3
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Czech GDP dropped by 0.7% y/y and by 0.5% q/q in 3Q23
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Turkey releases official November inflation slightly up at 62% y/y
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Low base and agriculture lift Hungary out of technical recession in Q3
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