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Eurozone construction output recovers slightly in May
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08:49, July 18, 2008

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Construction output in the eurozone recovered slightly by 0.2 percent in May, compared with the previous month, the European Union (EU)'s statistics bureau Eurostat said on Thursday.

The index improved following drops in the previous two months. Revised figures showed construction output declined by 2.8 percent in March and 0.6 percent in April.

Year on year, the eurozone construction output continued decrease by falling 1.1 percent in May, after a drop of 1.7 percent in the previous month.

In the 27-nation EU, production in construction sector gained 0. 3 percent from the previous month in May and by 0.7 percent over a year ago.

Among the member states whose data were available, construction output rose in seven and fell in six, compared with the previous month.

Portugal recorded the largest monthly decrease of 9.0 percent and Britain registered the biggest rise of 3.4 percent. Construction output increased by 1.1 percent in Germany, the largest economy within the EU.

Analysts had been expecting that construction in Europe may cool down due to credit squeeze amid financial turmoil.

Source:Xinhua



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