Unexpected construction boom in Hungary

Output of Hungary’s construction sector rose by an annual 7.0 percent in November, after falling by 2.5 percent in the previous month, the Central Statistical Office (KSH) said on Monday.

Output of the buildings segment increased by 18.6 percent but civil engineering output slipped by 6.9 percent. Based on seasonally and working day adjusted indices construction output was above the October level by 6.9%.

In November 2022 compared to the same month of the previous year:

• Out of the main groups of construction the output at construction of buildings was 18.6% higher, that of civil engineering was 6.9% lower.
• Among the divisions of construction, production grew by 9.1% in the construction of buildings, civil engineering output lessened by 14,0%. Specialised constructions production grew by 18.9%.
• The volume of new contracts concluded was above the November 2021 base by 3.8%, within it the volume of contracts for the construction of buildings was 9.6% higher, the volume regarding civil engineering declined by 4.2% year-on-year. .
• The volume of the end-of-November stock of contracts at construction enterprises lessened by 1.0%, within it the volume of contracts was up by 5.0% for the construction of buildings and down by 5.0% for civil engineering works compared to the same period of the previous year.

In the first eleven months of 2022 compared to the same period of the previous year:

• Construction output rose by 4.2%.

In absolute terms, construction sector output reached 798 billion forints (EUR 2bn) in November. The buildings segment accounted for 62 percent of the total, KSH said.

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