Euroconstruct reduces European output forecasts

Euroconstruct has reduced its forecasts for European construction output for both 2012 and 2013 with a slow recovery expected for 2014.

It its latest forecasts published yesterday, the research group expects European output to decline by 4.7 per cent this year, 2.6 percentage points lower than it predicted in June 2012. A future decline of 1.6 is envisaged in 2013 (from a previous forecast of +0.4 per cent) and in 2014 it sees growth of one per cent (previously +1.7 per cent). Its initial estimate for 2015 is +1.9 per cent.

Euroconstruct has left its German forecasts similar to June estimates both 2013 and 2014. However, it signficantly reduced its 2013 estimates for Spain from -8.1 per cent six months ago to -23 per cent now, and for 2014 from -2.1 per cent to -6.3 per cent. It has also reduced its forecasts for the UK from +1.2 per cent to -2.1 per cent in 2013 and from +4.5 per cent to +1 per cent in 2014.