Volume of construction work down for three straight months

The volume of construction work in Croatia in October 2015 decreased by 4.8 per cent compared with October 2014, initial working-day adjusted data from the National Bureau of Statistics (DZS) show.

It was the third month in a row that the volume of construction work had shrunk, following drops of 1.6 per cent in September and of 0.5 per cent in August. In July it increased by 0.4 per cent.

"Following indications of a possible recovery, in the last three months total construction activity has fallen again, which shows that sufficient investment activity is still lacking," Zvonimir Savic, head of the Department for Financial Institutions, Business Information and Economic Analyses at the Croatian Chamber of Commerce (HGK), said in a comment on the DZS report.

The volume of construction work on buildings fell by 2.4 per cent and on other structures by 6.9 per cent.

Seasonally adjusted data showed that the volume of construction work in October 2015 was 1.5 per cent lower than in September 2015.

The HGK expects the difficult situation in the construction sector to continue in 2016. However, it is possible that the gradually increasing use of EU funding will result in projects that will translate into specific construction work which, together with further energy renewal of buildings and a gradual pickup in private investment, could lead to recovery, it said.

Last update: Wed, 23/12/2015 - 12:57


Industrial turnover up 2.9%


Monday, December 14, 2015 - 13:31

More from Business

Greek ferry services remain disrupted as strike extended to Friday

Ferry services in Greece will remain disrupted through the week, after a seafarers' union extended an ongoing strike...

Belgrade Stock Exchange joins SEE Link

The Belgrade Stock Exchange (BELEX) has been connected to the South-East European Link, a project started by...

European investors shrug at Renzi resignation after failed referendum

 European markets on Monday shrugged off this weekend's failed constitutional reform referendum in Italy.

US unemployment rate dips to 9-year low

The US unemployment rate fell in November to 4.6 per cent, a nine-year low, the Bureau of Labour Statistics said...

Chinese firm building full-size Titanic replica for tourists

Construction has begun on the world's first full-size replica of the Titanic in China, a country that fell in love...