Construction output grew 2.9% y-to-y in December. As there were three fewer working days in December 2000 than in December 1999, the adjusted growth rate is much more healthy 6.7%. The whole 2000 was a good year for the construction sector that interrupted its three-year long slump and grew by 5.3%. Frantical hypermarket activity was behind a construction sector activity in 2000.
Despite increasing production, number of construction workers actually fell in 2000 by 5%, i.e. the productivity jumped by 10% and more than compensated the real growth of wages by 1%.
We expect theconstruction sector to grow by roughly 5% again in 2001.