Whilst the industry remains on the rise, and has prospects togrow further, the construction sector, which used to be one of theeconomy drivers in the years of economic boom, continues itsfreefall as no new construction sites are being opened.
With a single working engine - industry, which caters to foreigndemand - the economy does not stand any chance of recovering in2010. The tough adjustment measures adopted by the government bycutting public sector employees' salaries and by raising the VATare dealing a major blow to consumption, with companies no longerfinding markets for their products and services in the absence ofinvestments. Meanwhile bankers continue to charge high interestrates on loans for the population although no new clients arecoming their way. If consumption is not encouraged, the economywill not recover.
The construction sector is not showing signs of recovery, havingremained in negative territory. The volume of construction worksfell in May against May 2009, both as gross series, and asseasonally adjusted series, by 20.9%, and 17.3% respectively.
There are, however, also positive signals coming from industry andexports. The latest data show that the turnover and the new ordersin the industrial sector rose by 14.4% in May, and by 22.5%respectively, against the similar period of last year. Turnover inthe industrial sector rose on the back of a 15% increase for themanufacturing industry, while the extractive industry slipped by0.2%, according to data from the National StatisticsInstitute.
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