Eurozone construction drops by steepest annual rate since 2021

18th Jul 2024 09:48

(Sharecast News) - Construction output in the eurozone declined for third month in a row in May, with the annual change showing its steepest rate of decline in more than three years, according to figures released on Thursday by Eurostat.

Construction output was down 0.9% over the month, worsening from the 0.4% decline in April, as building construction fell 1.0%, civil engineering production slipped 0.6% and specialised construction activities decreased 1.1%.

Compared with the same month a year earlier, regional production dropped by 2.4% in May after a 1.5% decrease the month before. This was the worst year-on-year drop in construction output since February 2021.

Building construction was 4.8% lower than May 2023, while specialised construction activities fell 1.8%, slightly offset by a 0.4% increase in civil engineering production.

The largest annual falls in construction production were recorded in Slovenia (-7.4%) and Germany (-7.0%), while no member state for which data was available saw higher production.