ECONOMY

Construction crumbles by 80 percent in just five years

Construction in Greece has suffered one of the biggest declines to have been recorded by any professional sector within just a few years, as business activity in the domain has dropped as much as 80 percent since 2008, a study by the Foundation for Economic and Industrial Research (IOBE) showed on Monday.

It added that more than a third of the economic contraction recorded from 2008 to 2013 in Greece is associated with the drop in investment in construction.

Employment in the sector more than halved within five years, from 589,000 people in 2008 to 287,000 in 2013, the study revealed.