Greek building permits fall 14.2% in 2009
15 March 2010
The number of new permits issued for construction in Greece fell 2.8 per cent year-on-year in December after a 9.7 per cent drop in November, according to statistics service (NSS) data.
Building activity in the whole of 2009 fell 14.2 per cent, reflecting Greece's first recession in 16 years and a sharp slowdown of home loans by banks.
Construction is a key driver for Greece's economy which contracted by 2.0 per cent in 2009.
Economic activity is expected to stay weak this year, weighed down by austerity measures to tackle the fiscal crisis.
The downturn has seen joblessness rise, particularly in construction.
NSS said 5,007 new permits were issued nationwide in December, corresponding to 1.12 million square metres, versus 5,153 permits in the same month a year earlier, which covered 1.35 million square metres.
Source: Reuters
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