Romania’s construction activity up a mere 1% y/y in January-April
The construction works volume index in Romania contracted by 9.5% y/y in April and it dropped by 3.4% compared to March (in seasonally adjusted terms), the statistics office INS announced. For the first four months of the year, the index advanced by a mere 1% y/y.
The situation is not as dramatic as April figures may suggest, but the construction activity in Romania — as hinted at by the January-April figures — is heading towards the second year of stagnation after it edged down by 0.6% in 2021.
This shouldn’t be the case, given the ambitious projects outlined under the Relaunch and Resilience Facility — but the rising cost of construction materials and the inelastic supply of workers are significant deterrents to the sector’s growth.
In April, the seasonally-adjusted construction index has declined for the second month in a row, reversing a large part of the gain accumulated over the previous four months — which results in a profile of rather steady activity that would require supplementary resources for the activity to increase sustainably above the levels seen over the past couple of years.
The sector of non-residential buildings (-2.3% y/y in April) marked a negative monthly change (-5.9% m/m) after an impressive 60% advance over the previous half a year, in seasonally adjusted terms. Overall, it remains around the average levels seen in 2020-2021.
The civil engineering works (-14.2% y/y in April) lost intensity for the second month in a row and remain vulnerable to the government’s narrow fiscal space.
Even the residential buildings segment contracted by 10.1% y/y in April, while remaining close to the high levels seen during the previous 12 months.
Independent group ENAG calculates 129% y/y.
Hungary’s economy grew 0.9% quarter-on-quarter in the third quarter, after four consecutive months of contraction.
Czech manufacturing PMI data from S&P Global market intelligence company posted 43.2 in November.
Poland's Purchasing Managers' Index grew 4.5 points to 48.7 in November.
According to the latest polls from the Levada Centre, Russian President Vladimir Putin's approval rating rose three percentage points in November to 85%, and disapproval slid down two points to 13%.
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