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Friday, July 4, 2008

Romania Construction Output May 2008

Romania's construction industry, which is currently the fastest-growing in the European Union, gathered additional steam in May as investors built offices and shops and rising wages spurred homebuilding. The value of construction works rose an annual 34 percent in May, compared with 31 percent in April according to data released by the National Statistics Institute this morning. Construction output was up 10.5 percent month on month.

Homebuilding jumped an annual 36 percent in May as rising wages and a lending boom encouraged Romanians to invest more in residential property. Net wages rose 25 percent on the year in April.

Private debt grew by 61 percent in May, the central bank said on June 24.

Construction in the first quarter contributed strongly to a year on year economic growth rate of 8.2 percent pace, the second-fastest in the EU after Slovakia. Construction accounted for 1.5 percentage points of the growth.

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