ECONOMY

Construction in Greece suffered another sharp fall in February, down by more than 40%

Building activity in Greece suffered another sharp drop in February with the number of permits issued down 45.4 percent on a year earlier and the volume of construction in the private sector falling 44.8 percent.

A total of 1,240 building permits were issued in February, the Hellenic Statistical Authority (ELSTAT) said on Monday.

“This figure corresponds to 191.5 thousand m2 of surface, and 761,3 thousand m3 of volume, reflecting respectively a 45.3 percent decrease in the number of building permits, a 48 percent decrease in surface and a 47 percent decrease in volume, compared to the month of 2012,” said ELSTAT.

In comparison with February 2012, there was a 45.4 % decrease in the number of building permits in the private sector, a 46.2% decrease in surface and a 44.8 % decrease in volume.

Only 10 permits were issued for public sector construction, corresponding to 2.4 thousand m2 of surface and 12.5 thousand m3 of volume.

“In the last twelve months, from March 2012 until February 2013, the total Building Activity (private-public) in the whole country, calculated on the basis of the number of issued building permits, amounted to 20,791,” said ELSTAT. “This figure corresponds to 3,917.4 thousand m2 of surface and 15,311.9 thousand m3 of volume, reflecting a 42.9 percent decrease in the number of building permits, 36.1 % decrease in surface and a 34.7 percent decrease in volume, compared with the corresponding period of March 2011 until February 2012.”