Financial News: German Construction Downturn Intensifies In April

German Construction Downturn Intensifies In April

05/07/2024 - 08:16:00 (RTTNews)

(RTTNews) - Germany's construction sector continued to deteriorate sharply at the start of the second quarter amid ongoing weakness in demand, survey results from S&P Global showed on Tuesday.

The construction purchasing managers' index dropped to 37.5 in April from 38.3 in March.

Any score below 50.0 indicates contraction. The current sequence of decline stretches back to April 2022.

Among the three broad construction categories, the decline was more evident in housing activity. The pace of decline in commercial activity was likewise broadly in line with that seen in March. The civil engineering activity logged its sharpest drop in four months.

New orders continued to decline at a steeper rate, though the rate of decline eased for the sixth straight month.

The survey revealed that the construction industry was experiencing faster losses in both employment and purchasing activity.

On the price front, input prices fell slightly in April, and the downward pressure was linked to lower demand for building materials and products.

German constructors were largely pessimistic about the year ahead, pointing to limited budgets in the public sector and a possible deterioration in housing activity in particular.

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