Construction Output Remains Low In Europe
Tuesday 19th November 2019 – 10:12 (GMT)
Figures released from Eurostat have shown a significant fall in construction output across the EU over the last year with a -0.7% decrease versus the market expectation of 2.7% growth. Septembers output grew by a modest 0.7% which was in line with expectations. This followed a positive current account reading of €35.8B earlier today as the flow of capital into the Eurozone continues despite ongoing Brexit concerns. The euro moved has moved lower on the back of the news.
Europe’s construction industry has seen its output increasing in recent years, with turnover estimated to have reached 1.64 trillion euros in 2018. Construction output in European Union averaged 0.62% from 1997 until 2019, reaching an all-time high of 12.20% in February of 2000 and a record low of -11.40% in February of 2009.