March 21, 2023 10:01 GMT
Robust Start to Q1 EZ Construction
EUROZONE JAN CONSTRUCTION OUTPUT +3.9% M/M; DEC -2.3%r M/M
EUROZONE JAN CONSTRUCTION OUTPUT +0.9% Y/Y; DEC --0.6%r Y/Y
- January construction output rebounded in the eurozone by +3.9% m/m and +0.9% y/y following a contractionary end to 2023. This was largely due to the +12.6% m/m boost from Germán construction (largely a rebound from the December fall).
- Looking forward, February construction PMI data improved to the softest contraction since May '22.
- Further easing of supply shortages and decreasing building material costs are underpinning improvements in the sector. Yet the high interest rate environment means that demand appetite will likely remain lacklustre for now.
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