Eurozone construction output down 8% year-on-year in May

Production in the construction sector across the 17 European Union member states in the eurozone fell by 8.4% year-on-year in May 2012, according to figures released by EU statistical agency Eurostat.

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In the EU, production was down by 6.9%, compared with the corresponding period in 2011.

Spain was the poorest performer, reporting a drop in output of 24.8% year-on-year, while Slovenia fell by 23.7%, the agency said.

On the same comparison, production in Portugal was down by 16.4%, and in Hungary by 15.2%, while Italy’s output also decreased by 14.8% year-on-year.

The biggest gains were made in Romania, with production up by 21.1% annually, and in Poland, where output increased by 6.5%.

A slowdown in construction productivity strongly affects steel markets, as 51.2% of all global steel is used in the construction sector, according to a presentation by the World Steel Assn (worldsteel) on Thursday July 19.