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Construction output slows to 4.7% in February

Construction output slows to 4.7% in February

The construction production index recorded a year-on-year increase of 4.7% in February, slowing down by 0.2 percentage points compared to January, the National Statistics Institute (INE) announced today.

According to INE, the two segments that make up the index grew in February year-on-year and slowed down compared to the previous month.

The civil engineering segment grew by 6.2% year-on-year in February, compared to 6.5% in January, while building construction grew by 3.7% year-on-year, compared to 3.9% in the previous month.

In terms of contributions to the index’s year-on-year rate of change, civil engineering accounted for 2.4 percentage points (2.6 in January) and building construction for 2.3 percentage points (2.3 in January).

In February, the year-on-year employment index slowed by 0.4 percentage points to a growth of 3.0%, while wages rose to 11.0%, compared to 10.1% in January.

The monthly change in employment was 0.8% (1.2% in February 2023), while the change in salaries was 3.4% (2.5% in the same month of 2023).

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