ECONOMY

Construction activity continues to drop

The decline in construction activity continued at a higher rate in March according to data released on Tuesday by the Hellenic Statistical Authority (ELSTAT).

Total construction activity amounted to 1,218 building permits corresponding to 203,900 square meters of surface and 797,100 cubic meters of volume, recording a 50.9 percent decline in terms of permits on an annual basis, a 51.8 percent fall in surface and a 54.3 percent drop in volume.

In the 12 months from April 2012 to March 2013 the average decline in permits came to 46 percent, in surface 39.2 percent and in volume 38.7 percent.

In the first three months of the year the reduction in permits amounted to 44.4 percent from the same quarter in 2012. The surface covered declined by 43.6 percent and the volume by 43.5 percent.