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Financial News: Eurozone Construction Output Falls 0.8% On Lower Building

Eurozone Construction Output Falls 0.8% On Lower Building Activity

01/18/2023 - 09:26:00 (RTTNews)

(RTTNews) - Eurozone construction output contracted for the first time in three months in November, as a rise in civil engineering activity was offset by a downturn in the building sector, data from the statistical office Eurostat showed on Wednesday.

Construction output fell 0.8 percent month-over-month in November, reversing a revised 1.0 percent rise in October.

Building output logged a monthly decline of 0.9 percent, while civil engineering activity registered a growth of 0.4 percent.

On a yearly basis, the growth in construction output eased to 1.3 percent in November from 1.9 percent in the prior month. The rate for August was revised down from 2.2 percent.

Construction output in the EU27 dropped 0.4 percent monthly in November, while it grew 1.8 percent from a year ago.

Among member states, the biggest annual increases in construction output were observed in Romania, Slovenia, and Belgium, while the worst declines were seen in Spain, Slovakia, and Germany.

Results of the S&P Global's construction purchasing managers' index, or PMI, survey, released earlier this month, Eurozone construction activity showed its worst performance since May 2020 in December, as demand for new construction projects fell at the fastest rate since September 2014, when excluding the pandemic.

<b>Read more</b>: <a href=https://www.rttnews.com/3335217/german-construction-activity-continues-to-shrink.aspx target=_blank >German Construction Activity Continues To Shrink</a>

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