EZ construction showing 'sustained contraction' - survey
By Frank Prenesti
Date: Thursday 05 Jan 2023
(Sharecast News) - The eurozone's construction sector is suffering a "sustained contraction", according to the latest PMI survey by S&P Global.
December readout showed the total activity index fell to 42.6, down from 43.6 in November and the eighth consecutive fall. Figures below 50 represent a decline.
Activity fell in the bloc's three biggest economies of Germany, France and Italy as the war in Ukraine and soaring energy costs impacted the sector.
Laura Denman, an economist at S&P Global Market Intelligence, said the sector had ended 2022 on a "negative note" with a "sharp fall" in building activity.
"December data suggested that firms were anticipating challenging economic conditions to continue into the future," said S&P Global economist Laura Denman.
However, that there was a "sustained easing" in both cost and supply pressures, she added.
Reporting by Frank Prenesti for Sharecast.com
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