Construction investment drops again in Q3

TAGS: Economy, Business

Investment in construction declined 19.3 percent in the third quarter of the year on an annual basis, Hellenic Statistical Authority (ELSTAT) data showed on Monday, as the sector continues to hold back growth in Greece, having buckled under the burden of overtaxation and the decline in households’ purchasing power.

The drop in investment in residential properties amounted to 7.5 percent year-on-year, which according to an analysis by Alpha Bank has had a negative contribution to the country’s gross domestic product to the tune of 1 percent.