Construction adds to euro woes

Chris Papadopoullos
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Germany continues to disappoint with an annual contraction in construction
THE EUROZONE’s construction sector suffered a decline in activity in September.

Seasonally adjusted output in the construction sector fell by 1.8 per cent month-on-month in Septem­ber, according to figures released yesterday by Eurostat, the statistical office of the EU.

Activity also dipped year-on-year, registering a 1.7 per cent decline.

The worst affected nations were Slovenia, Italy, Sweden and France which saw month-on-month reductions of 8.6, 5.4, 3.2 and 2.3 per cent, respectively.

However, some countries saw growth with Romania, the Czech Republic and Bulgaria seeing monthly climbs in construction activity of 7.9, 2.7 and 2.4 per cent, respectively.

On an annual basis, Spain con­t­inued an impressive run of eco­n­omic data, registering 9.1 per cent growth.

Preliminary estimates last week put Spain’s GDP growth for the three months to September as the best of any major Eurozone economy at 0.5 per cent.

Germany – the currency union’s largest economy – and France continued to disappoint both witnessing annual contractions in construction. Recent figures show Germany very narrowly avoided entering a triple dip recession between April and September.

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