Budapest, December 9 (MTI) – Construction output this year came to a sudden halt on the back of the end of the European Union budgetary cycle but a turnabout can be expected next year, Economy Minister Mihály Varga said on Friday.
Construction plays an outstanding role in the Hungarian economy, representing 6.4 percent of GDP last year, Varga told an end-of-the-year meeting of the trade union of construction workers EVOSZ. There is considerable potential for improving competitiveness in the sector, he added.
Economic growth, corporate developments, new investment projects by the state and local councils, and growing personal incomes will help the sector develop, he said.
Private investments will increase already this year as a result of home construction schemes, and government measures affecting the construction industry are expected to have an impact from 2017, with 40,000 homes to be built by the end of the government term, Varga said.