ECONOMY

Construction activity keeps coming down

The decline in construction activity continued in July, as Hellenic Statistical Authority (ELSTAT) data showed on Thursday that the figure of new building permits fell by 14.1 percent from July 2010.

The surface area that the permits were issued for also shrank further, by 27.3 percent on an annual basis, as the market adjusts to buyers? demands for smaller houses due to the economic crisis.

Construction activity has been weakening since 2007, but the rate of decline has been increasing in the last couple of years.