European construction output plunges
Construction output in the European Union has fallen to its second lowest level of the 21st Century
Data from EU statistical office Eurostat showed that seasonally adjusted production dropped a further 2.7 per cent across the 27 member states in December 2012.
This left it with an index reading of 93.0 – the second lowest level since January 1997.
The only month in the last 15 years to read lower than December 2012 was February 2012, measuring 92.2.
In a graphic illustration of the continent’s continuing economic woes, EU construction production was 8.5 per cent lower in the last month of 2012 than in the final month of 2011.
This is in stark contrast with soaring architecture workloads in the US, and growing opportunities in developing countries such as India, China and Brazil.
Bulgaria and Poland both saw falls in construction output in excess of 10 per cent from November 2012 to December 2012. Germany suffered an 8.9 per cent drop.
Slovenia, Hungary and Sweden posted the greatest increases in output with 7.2 per cent, 3.4 per cent and 3.3 per cent respectively.
Spain and France managed moderate increases in construction work, while the UK’s output was slashed by more than 5 per cent.
Building construction dropped by 2.6 per cent across the EU, with civil engineering work down 2.3 per cent.