Public sector investments fuel construction industry’s growth in Romania
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.
Decline of 6.5% y/y is second worst in EU.
Retail sales rose by 0.9% m/m in October, recouping the losses incurred over the previous three months.
Czech retail sales decreased by 1.4% year on year and increased by 0.6% month on month in October, in the softest monthly drop in a year and a half. The drop in sales eased compared to the 4% y/y drop in September and the 2.8% y/y drop in August.
Despite lapse in demand, firms said to retain positive attitude on 12-month outlook for activity, which remained historically elevated. Inflationary pressures continued to retreat.
Industrial prices in Romania increased by 2.4% in September-October.
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