The slump in construction accelerated to over 17% in September

The lag in the construction industry deepened in September 2024 to the highest value since October 2020. All components of production dropped by double digits, both domestic and non-domestic production.

Production of construction enterprises¹⁾ in September 2024 reached EUR 672 million, year-on-year after conversion to constant prices, it dropped by up to 17.5%²⁾. This is the deepest decline in monthly results since October 2020. The construction sector has been slowing down (year-on-year) since December last year, with the exception of April this year. Compared to August, construction production decreased by 3.9%³⁾.

All components of construction production ended in a double-digit decline. Domestic new construction⁴⁾ dropped by 15.5%, repairs and maintenance by 12.8%, the smallest component – other construction works by more than a quarter. Domestic construction production represented more than 89% of the total volume of construction.

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Broken down by construction type, the relatively more significant construction of buildings lagged behind by 13.1% year-on-year, works on engineering constructions, including also the highway construction, was lower by up to 18.6%.

Non-domestic construction enterprises reported a decline of up to a third of their production. Their share in total production was 11%.

In total, for the first nine months of 2024, the value of construction production exceeded EUR 5.1 billion, which was by 7.2% less year-on-year. They slowed down all its components, the dominant new construction by 8.7% and repairs and maintenance by 3.3%. In terms of the production focus, construction of buildings decreased by 4.8% and works on engineering constructions by 13.3%. Works abroad also lagged behind, by 3.1%.