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Financial News: Eurozone Construction Output Growth Sharply Slows

Eurozone Construction Output Growth Sharply Slows

08/20/2020 - 05:24:00 (RTTNews)

(RTTNews) - Eurozone's construction output growth sharply slowed in June, after a strong recovery in May following three months of steep declines, data from Eurostat showed on Thursday.

Construction output rose 4 percent from May, when it surged 29.4 percent, revised from 27.9 percent.

June was a month marked by some relaxation of COVID-19 containment measures in many Member States, Eurostat said.

Output started falling from February and logged double-digit declines in March and April when the economy was ravaged by the coronavirus, or Covid-19, pandemic.

In June, building construction increased 4.5 percent and civil engineering grew 2.3 percent. Both had grown more than 28 percent each in May.

Compared to the same month last year, Euro area construction output decreased for a fifth straight month. Output fell 5.9 percent after a 10.5 percent decline in May.

In the EU, construction output increased 2.9 percent month-on-month after a 22.3 percent growth in the previous month. Building rose 3.2 percent and civil engineering grew 1.8 percent.

Among member states, the biggest increases were recorded in France, Hungary and Bulgaria, while the largest falls were seen in Slovenia, Sweden and Slovakia.

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