Financial News: Eurozone Construction Output Rises For Third Month

Eurozone Construction Output Rises For Third Month

04/18/2024 - 06:06:00 (RTTNews)

(RTTNews) - Euro area construction output grew for a third straight month in February and at a stronger pace, mainly led by civil engineering works and rebound in building construction, preliminary data from the statistical office Eurostat showed Thursday.

Construction output rose a calendar and seasonally adjusted 1.8 percent month-on-month following a downwardly revised 0.2 percent gain in January. Building construction grew 3.5 percent, entirely reversing the 3.1 percent slump at the start of the year.

Civil engineering work increased 4.5 percent following a 1.2 percent gain in the previous month. This was the second month of growth.

Specialized construction work also grew for a second straight month, up 1.7 percent. In the EU, construction output increased 1.8 percent after a 1.2 percent fall in the previous month.

Among EU member states, the biggest gains in construction output were logged in Austria, Germany and Slovenia, while the worst declines were seen in Hungary, France and Sweden.

On a year-on-year basis, output decreased 0.4 percent in February after a 0.3 percent fall in January, which was revised from a 0.8 percent gain reported earlier.

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