According to the Economic and Steel Market Outlook 2013-2014/Q3 2013 Report from the Economic Committee of the European Steel Association (EUROFER), output in the EU construction sector declined more sharply than previously estimated in the first quarter of 2013.
At the country level, the slump was widespread, with a double-digit decline in Spain and Poland, rather sharp year-on-year reductions in activity elsewhere, and only Sweden and Hungary stabilizing at the year earlier level and Austria registering slight growth.
According to EUROFER, business conditions in the EU construction sector will remain difficult for the foreseeable future. The decline in construction investment will probably exceed previous forecasts; currently, a drop of around 2.5 percent is pencilled in. Activity in the second half of 2013 is expected to see a further decline, albeit at less negative rates than in H1.
For 2013, EUROFER expects construction output in the EU will fall by 3.5 percent year on year. According to EUROFER, the outlook for 2014 is for a low-level stabilization of construction activity.