Romania's Aug Construction Output Annual Fall Sharpest in EU - Eurostat

Construction output in the EU dropped by 11.1% year-on-year in August, Eurostat said in a statement. It rose in four EU-members and the highest increases were recorded by Poland, by 9.9% and Sweden, by 9.5%.

Romania's real estate market has grown significantly in the last few years, boosted by increasing demand, low supply, high yields and rising living standard. However, the global crisis has visibly affected all of its segments, as many investments were either cancelled or postponed.

Last year, Romania ranked first among the EU member states in terms of construction output growth in April, May, July, September, October and December, with annual growth rates of 30%, 31.5%, 28.4%, 27%, 20.6% and 16.1%, respectively.

Following are details about the construction output in August:

Romania joined the EU together with Bulgaria in January 2007. Slovenia joined the bloc in 2004 and entered the eurozone in 2007.