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Monday, October 20, 2008

Hungary August Construction Output Up On July, But Continues To Fall Year On Year

Hungary's construction industry expanded month on month in August, according to seasonally and working day adjusted data, and regisered a 3.8% month-on-month increase, as against a 2.6% contraction in July. However output decreased by 4.3% year on year (on a working day adjusted basis), following a 12.8% decline in July.

The corresponding figure at buildings was a decrease of 19.5% and while civil engineering was up 1.6% (year on year). The stock of new orders in January-August was down 10.4% for the whole sector, while there was a 31.7% year on year contraction for new buildings and a 22.1% increase for civil engineering works.

In part the decline in the rate of annual decrease in August is deceptive, since we are now moving steadily into a zone where the low base effect will become important. Thus, as we can see in the seasonally adjusted output index chart below, levels are now well down on those of late 2006/early 2007, and look set to remain there or even decrease further.

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