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March Construction Output Contracts as Weak Demand Prevails

MNI (London)


  • Eurozone construction production contracted by -2.4% m/m in March. Germany accounted for the bulk of the downwards contribution, contracting by -4.6% m/m.
  • In aggregate, Q1 construction grew by +0.3% q/q, boosted by robust growth in January and February.
  • Outlooks for the euro area construction sector remain bleak, with the eurozone construction PMI having remained in contractive territory for 12 months.
  • Rising interest rates are squeezing demand in the sector, with April PMI data flagging a continued decline in new orders, whereby housing represents the largest drag.
  • The S&P Global PMI is looking for a Q2 decline.

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