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MNI (London)
EUROZONE DEC CONSTRUCTION OUTPUT -2.5% M/M; NOV -0.1%r M/M
EUROZONE DEC CONSTRUCTION OUTPUT -1.3% Y/Y; NOV +1.6%r Y/Y
- Euro area construction contracted into year-end, down -2.5% m/m after upwards revisions to an only marginally contractive November.
- This data implies a negative contribution from construction, which alongside industrial production will drag on eurozone Q4 GDP. Further detail on the GDP components is due in the final March 8 release.
- Germany recorded the largest December slump (-8.0% m/m), which PMI data flagged as a result of a plunge in housing activity.
- Looking forward, the eurozone construction PMI registered a ninth consecutive month of contraction in January. The year began on shaky footing as firms flagged continued concern over projects being paused due to the high inflation and interest rate environment. However, the decline in new orders is showing signs of easing.
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