ECONOMY

Construction activity falls as economy slows

Clouds gather over a construction site in central Athens (file photo), as a drop in activity in the sector provides a further sign that the economy is slowing. Data released yesterday by the National Statistics Service showed that construction activity, measured by the number of new building permits, fell 15.7 percent in the year-to-October period. According to the data, which measure construction activity in the public and private sector across Greece, the permits issued in the 10-month period related to 14.23 million square meters, representing an annual drop of almost 17 percent. A report from the Foundation for Economic and Industrial Research (IOBE) also showed yesterday that construction companies expect a downturn in the sector’s labor market in the coming three months.