Eurozone construction rises second consecutive time in January
Construction output in the Eurozone grew for the second straight month in January, data from Eurostat showed.
According to figures released by the European Union’s statistical arm on Wednesday, production in the construction sector rose 1.9% month-on-month in January, compared with 0.2% growth in December.
December’s reading was revised upward from a 0.8% decline, while output fell 0.4% in November.
Production in the building sector rose 2.3% over the month, while output in the civil engineering sector climbed 0.2%.
On an annual basis, construction output advanced 3% in January compared with an upwardly revised 2.7% decline in December, though the level of production remained 25% below its pre-crisis peak and analysts thought output was unlikely to pick up in the short-term.
“With the economic recovery still fairly slow, construction output is unlikely to surge any time soon,” analysts at Capital Economics said in a note on Wednesday.
At the European Union level, output rose 1% month-on-month compared with a 0.2% gain in December, which was revised upwardly from a 0.5% decline, while output rose 1.4% year-on-year in January having declined 0.5% in the previous month.
Slovenia, Czech Republic, Hungary and Germany recorded the highest increases in monthly output, while Romania, Bulgaria and the UK registered the biggest slowdowns.