Budapest, March 16 (MTI) – Hungary’s construction sector output fell by an annual 20.1 percent in January, the steepest decline in years, data released by the Central Statistical Office (KSH) on Wednesday show.
Output of the buildings segment was down 12.6 percent, but civil engineering output plunged by 28.5 percent.
KSH attributed the drop to the high base and projects that wound up at the end of last year, the deadline for spending grants available during the last European Union funding cycle.
In absolute terms, construction sector output reached 73.2 billion forints (EUR 236m) in January.
In a month-on-month comparison, construction sector output was down 13 percent, adjusted for seasonal and working-day effects.