More bad news came from the construction sector, after a dismal performance n January. Output fell 19.2% year-on-year in February after a 20.2% plunge in the first month of the year.
The construction of buildings and civil engineering works were down 8.6% and 35.4% respectively. Construction output increased by 1.1% month-on-month in February.
The decline in production in the first two months was due mainly to the high base and to the fact, that funds available under EU tenders had been depleted and new tender have not yet been announced. The volume of new orders was 40.4% below levels at the end of February 2015. Analysts and industry pundits expect new orders to pick up in the second half and subsequently that is when the government's home subsidy programm will start to kick in.
