Building activity falls in Feb

Activity in construction, measured by the number of new building permits, fell 15.1 percent year-on-year in February, according to the National Statistics Service (NSS). NSS data released yesterday showed a drop in building activity, which declined 18.6 percent in the first two months of the year, reflecting the slowdown of Greece’s economy. NSS said 4,508 new permits were issued nationwide in February, corresponding to 1.064 million square meters, versus 5,308 permits in the same month a year earlier, which covered 1.495 million square meters. Separately, NSS data also showed industrial output fell 5.3 percent year-on-year in March, contracting for the 11th consecutive month, as manufacturing production sank. The NSS said industrial production in the first quarter contracted by 7 percent year-on-year versus a 4 percent drop in the same period in 2008. Eurozone industrial output plummeted by a record 18.4 percent year-on-year in February.

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