European construction output dropped for a second month in May, led by declines in Germany.
Construction in the 16-nation euro region fell 1 percent from April, when it decreased 0.3 percent, the European Union’s statistics office in Luxembourg said today. From a year earlier, output in May dropped 6.3 percent after falling 5.7 percent in April.
Builders across Europe may struggle to shore up output after the Greek fiscal crisis forced governments to withdraw stimulus measures and cut spending. While the euro-area economy is showing signs of strengthening, the European Central Bank said on July 15 that a recovery will remain “moderate” overall.
The euro was little changed against the dollar after the data, trading at $1.2962 at 10:03 a.m. in London, up 0.3 percent on the day.
In Germany, Europe’s largest economy, construction output fell 2.3 percent in May from the previous month, when it rose 2.5 percent, today’s report showed. In France, output remained unchanged while Spanish construction fell 1 percent.