Stats: Construction Output Down 11.5 percent Y-o-Y in August

Bratislava, October 11 (TASR) - Slovakia's construction output amounted to €620.2 million in August 2024, down 11.5 percent year-on-year (y-o-y), the Statistics Office reported on Friday. The sector posted the worst result since October 2020. The construction sector has been struggling with a decline in its performance since last December, with year-on-year output growth only seen in April 2024. Seasonally adjusted, construction output decreased by 4.3 percent month-on-month (m-o-m). The lagging of the whole sector was mainly due to a 14.6-percent fall in crucial domestic new construction, but also to a 5.2-percent decrease in domestic repairs and maintenance construction work. Only the smallest component, other construction work, grew, up by a quarter. Domestic construction output accounted for almost 90 percent of total construction output In terms of production focus, the construction of buildings decelerated by 4.7 percent y-o-y, while work on civil engineering structures, which includes motorway construction, fell by 21 percent y-o-y. Slovak construction firms working abroad also posted a drop in the production - by 16.3 percent. Their share of total construction output was only 10 percent. In the first eight months of 2024, construction output amounted to almost €4.5 billion, going down by 5.4 percent y-o-y. None of the components of domestic construction output reached last year's level. Output in the decisive new construction sector decreased by 7.5 percent, while repairs and maintenance fell by 1.8 percent. A slight increase was only seen in the volume of construction work carried out by Slovak firms abroad. am