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Robust February Construction Despite PMIs Signalling Contraction

EUROZONE DATA
MNI (London)

EUROZONE FEB CONSTRUCTION OUTPUT +2.3% M/M; JAN +3.8%r M/M

EUROZONE FEB CONSTRUCTION OUTPUT +2.3% Y/Y; JAN +0.5%r Y/Y

  • Eurozone February construction data posted another robust month of growth, with construction output expanding by +2.3% m/m and +2.3% y/y.
  • France and Germany construction expanded by +1.5% m/m and +1.6% m/m, whilst a jump in Austrian output to +13.3% m/m likely skewed the aggregate print towards the upside.
  • Looking forward, the March construction PMI recorded a sharp deceleration in new orders and activity, led by falling output in Germany. Despite PMI data having recently been substantially weaker than the hard data, the eurozone construction PMI indicates a softer end to Q1 is likely to materialise in the March data.
  • Housing investment appetite is weakening due to the high interest rate environment, and is likely to drag further on construction going forward.

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