Eurozone construction grows in August for fifth month in a row

EUROZONE construction grew for a fifth consecutive month in August, fuelling hopes that the revival in the currency area’s economic fortunes was continuing.

Production increased a seasonally adjusted 0.5 per cent month-on-month, following a 0.7 per cent gain in July and a 1.5 per cent increase in June.

However, on an annual basis, production was down 4.7 per cent compared to August 2012, according to the European Union’s official statistics agency Eurostat.

The rise in output was led by Portugal, where activity rose 10.8 per cent on the month.

By contrast, construction output fell by 3.6 per cent in the Czech Republic, marking the largest decrease.