Financial News: Eurozone Construction Output Declines For First Time In

Eurozone Construction Output Declines For First Time In 3 Months

05/22/2023 - 05:47:00 (RTTNews)

(RTTNews) - Eurozone construction output declined for the first time in three months in March, data from Eurostat revealed on Monday.

Production in the construction sector decreased 2.4 percent on a monthly basis, in contrast to the 1.7 percent rise in February and the 3.7 percent gain in January. This was the first fall so far this year.

Production in both building and civil engineering declined in March. Building construction posted a monthly fall of 2.4 percent and civil engineering registered a 2.3 percent decrease.

On a yearly basis, total construction output was down 1.5 percent in March after a 2.1 percent rise a month ago.

Production in the EU construction sector dropped 1.9 percent on month and by 1.2 percent from the previous year.

Among member states of EU, the largest monthly decreases in production in construction were recorded in Austria, Slovakia and Germany. Meanwhile, the highest increases were observed in Romania, Slovenia and Portugal.

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