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ECONOMIC BRIEFS

Construction output down 32.1% year-on-year

The monthly volume of construction output in Slovakia dropped over 30% in August from the same month in 1998, the worst results since May when it was off 32.5% year-on-year.

A severe drop-off in newly-started construction, renovation, and modernization projects was principally responsible for the output figures, said the Slovak Statistics Office on October 6.

Eight months into 1999, construction output in current prices was down 28.3% from the same period in 1998. Of this figure, public sector construction activity was down 55.7% while private sector output was 22.3% less than from January to August 1998.

Construction companies with 500 or more employees were hit the hardest, down 54.2% year-on-year in August, followed by companies with 250-499 employees, which reported a 38.4% fall in August.

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