Euro area construction output shrinks in April
By Alexander Bueso
Date: Tuesday 20 Jun 2023
(Sharecast News) - Construction output in the single currency bloc shrank in April, despite rebounds in France and Germany.
According to Eurostat, in seasonally adjusted terms, output fell by 0.4% over the month.
That was despite increases of 2.0% and 0.8% in Germany and France, which nevertheless only partially reversed the prior month's declines.
Offsetting the above, output in the Netherlands dropped by 5.3%, in Portugal by 1.8% and in Spain by 0.2%.
By sub-sectors, building output fell by 0.6% and that of civil engineering was up by 0.4%.
In comparison to the year earlier month, construction output was ahead by 0.2%.
Net revisions to the data were worth seven tenths of a percentage point.
"Revisions to the March data means that overall construction fared better than previously thought in Q1; it rose by 2.5% on the quarter," said Melanie Debono, senior Europe economist at Pantheon Macroeconomics.
"Unfortunately, the carry over for Q2-the change over the quarter if output is unchanged at its April level in May and June-suggests output will fall this quarter, by 0.8%. We think the fall will be slightly bigger, at just over 1%, as leading indicators have continued to soften."
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