Construction continues slide in May

As the Greek economy grinds to a halt, construction activity continues to drop across the country. Data released by the National Statistical Service yesterday showed that Greek construction activity, measured by the number of new building permits, dropped 23.2 percent year-on-year in May after a 26.3 decline in April. Building activity in the first five months of 2009 was down 15.8 percent year-on-year, reflecting the slowdown of the country’s economy. The National Statistical Service said 4,721 new permits were issued nationwide in May, corresponding to 0.964 million square meters, versus 6,144 permits and 1.571 million square meters in the same month one year earlier.