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Hungary’s construction sector output increased by an annual 35 percent in December

KSH said the output of the building segment benefited from the construction of homes, schools and cultural buildings, as well as industrial facilities. In civil engineering, construction of highways and railways supported the rise

Hungary’s construction sector output increased by an annual 35 percent in December, the Central Statistical Office (KSH) has announced.

According MTI, output of the building segment rose by 28.9 percent during the period. While output of the civil engineering segment climbed 45.3 percent.

KSH said the output of the building segment benefited from the construction of homes, schools and cultural buildings, as well as industrial facilities. In civil engineering, construction of highways and railways supported the increase.

Mihály Varga, minister for National Economy, said the sector’s outstanding performance in 2017 was driven by the government’s home purchase subsidy scheme (CSOK) and the VAT cuts on housing.

He added that the construction sector contributed 0.9 percentage points to the 2017 GDP. The sector can become a driving force in the Hungarian economy in the future, he added.