Hungary Construction Output Decreases in June
According to raw data published by the Central Statistical Office (KSH), the volume of construction output lagged behind the previous year’s level by 3.8% in June 2023.
Output of the two main groups of construction changed oppositely: the construction of buildings grew by 7.5%, that of civil engineering fell by 20.5%, compared to June 2022, KSH notes.
Among the divisions of construction, production increased by 8.1% in the construction of buildings and decreased by 24.6% in civil engineering. Production in specialized constructions rose by 0.7%.
The volume of new contracts concluded increased by 16.7%. Within it the volume of contracts for the construction of buildings was 40.1% higher, and the volume regarding civil engineering declined by 14.4% year-on-year.
The volume of the end-of-June stock of contracts at construction enterprises lessened by 26.1% compared to the previous year: within it the volume of contracts was down by 2% for the construction of buildings and decreased by 40.9% for civil engineering works.
In the first six months of 2023, construction output decreased by 7% compared to January-June 2022.
Rising Costs Drive Construction Producer Prices Higher
Prices increased the most in the greatest weight-carrying specialized construction activities (by 17.9%) in the second quarter of 2023, within the divisions of construction, and went up in the construction of buildings and in civil engineering by 16.6% and 16.8% compared to the same period of 2022.
The price increase was caused principally by rising costs, especially the growing wages and the increasing prices of several building materials.
Construction prices were 1.6% higher than in Q1 2023
Erste Bank Hungary Q1 Earnings Close to HUF 29 bln
Hungary Welcomes Extension of China's Visa Exemption Policy
Living's Kassák Terrace and Park West 3 Classified as Brownf...
Aldi Opening Biggest Store in Budapest
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
