FX.co ★ Greece Construction Output Shrinks for 1st Time in 4 Years

In the first quarter of 2025, Greece experienced a 3.5% year-on-year decrease in construction output, a significant downturn from the 23.6% growth recorded in the fourth quarter of the previous year. This represents the first decline in the sector since the initial quarter of 2021. The contraction was largely driven by a substantial decrease in civil engineering output, which plummeted by 9.9% compared to a remarkable 38.7% increase in the last quarter of 2024. Specialized construction also saw a drop, falling by 4% following an 11.7% rise previously. Meanwhile, the growth rate for building construction slowed considerably to 4.8%, down from 18.9%. On a quarterly scale, construction output dramatically fell by 50.9% during the March quarter, a stark contrast to the 52% expansion observed in the previous period.