EZ March construction output falls 2.4%
By Frank Prenesti
Date: Monday 22 May 2023
(Sharecast News) - Construction output in the euro area fell by 2.4% month-on-month in March, compared with a revised 1.7% increase in February, according to official data released by the European Union on Monday.
Output fell by 2.4% and 2.3% in building activity and civil engineering, respectively," it added.
"Overall, the setback in March is consistent with leading indicators, but it doesn't change the picture of a solid quarter overall. Output jumped by 2.5% quarter-on-quarter in Q1, accelerating from 0.4% increase in Q4," said analysts at Pantheon Macroeconomics.
"This trend won't last. The carry over for Q2-the change over the quarter if output is unchanged at its March level through June-is -1.0%. In addition, leading indicators remain soft. The construction PMI averaged a poorly 45.2 in the first two months of Q2, with the separate new orders index looking even more grim, at 40.9."
Reporting by Frank Prenesti for Sharecast.com
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