BUSINESS

Construction activity is crumbling

Construction activity in Greece is in free fall, according to data released yon Tuesday by the Hellenic Statistical Authority (ELSTAT).

In November 2012, total activity dropped 66.6 percent year-on-year in terms of building permits, 63.3 percent in terms of surface area and 65.4 percent in terms of volume.

Just 1,156 permits were issued across the country, corresponding to 197,000 square meters and 706,900 cubic meters. In the first 11 months of last year construction activity shrank by 36.4 percent in terms of permits, 30.3 percent in surface area and 28.7 percent in volume, compared with the same period in 2011.

The statistics observed in private construction activity are virtually the same as the above, as activity in the public sector has effectively ground to a halt.

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