Monday, the Statistics Estonia said in a report that the construction price index declined 4.7% year-on-year in the first quarter, representing the first fall since 1995.
Labor costs showed the steepest decline of 10.8% annually in the first quarter. Cost of building machines dropped 1.8%, and that of building material fell 1.8%.
During the quarter, all four groups of buildings including detached houses, blocks of flats, industrial buildings and office buildings showed a decline in construction costs.
Meanwhile, the repair and reconstruction work price index fell 4.5% on an annual basis in the first quarter.
Sequentially, the construction price index dropped 4.1% in the first quarter, while the reconstruction work price index was down 3.9%.
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