Construction sector output jumps 18.5 pc in January

Budapest, March 16 (MTI) – Hungary’s construction sector output climbed an annual 18.5 percent in January after falling for twelve months in a row, data released by the Central Statistical Office (KSH) on Thursday show.

Building construction output was up by 32.8 percent while civil engineering output fell by 3.0 percent.

In a month-on-month comparison, construction sector output grew by 4.6 percent in January, adjusted for seasonal and workday effects.

In absolute terms, construction sector output reached 89.3 billion forints (EUR 288m) in January.

The big January increase in the sector was supported by improved absorption of European Union funding as well as the government’s CSOK home subsidy scheme for families with children, Economy Minister Mihály Varga said on public television news channel M1 after the release of the data. He added that the figures suggest a “good year” ahead, and the sector’s output could contribute to a GDP growth of over 4 percent in 2017.