Output was up 5.9% from January which compares with a 5.6% decline between December and January and a 1.4% month on month fall in February 07. In the first two months of 2008 taken together construction output was down by 13.3%, which was slightly below the 2007 average of a monthly decline of 14.1%.
The building of complete constructions was down by 20.1% year on year in February, compared to a 31.6% fall in Januray and a 1.2% increase in February 2007. Building installations were down 27.2% year on year against a 12.7% fall in January and a 26% rise in February 2007.
The stock of orders at the end of February (HUF 719.9 bn at current prices) was down 23% from February 2007. The stock of orders for buildings totalled HUF 360.6 bn in February, down 8.2% year on year, which compares with a fall of 15.5% in January and a 4.6% rise in February 2007.
For civil engineering the stock of orders was down by 33.6% year on year (to HUF 359.3 bn), against a drop of 38.6% a month earlier and a 49.8% decline in February 2007.
As far as new orders go the picture looks pretty bleak. Following promising growth of 49.5% in January, new orders in the construction industry were down by 15.9% in February, totalling HUF 95.1 bn. In February 2007 new orders were up 7.7% year on year.
New orders concluded in February for buildings were down 11.4% year on year at HUF 59bn, which compares with a drop of 24.8% in January and an 8.8% growth in February 2007.
As far as civil engineering goes, while a one-off impact in January (a major contract for the continuation of the building of M6 motorway) pushed the new orders indicator up by 185.6%, the situation returned to “normal" in February with a 22.4% fall in new orders (HUF 36.1 bn)
The value of total construction industry output was HUF 94.1 billion in February, up from HUF 87.6 bn in January, but down from HUF 111 bn in February 07.
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