According to the Economic and Steel Market Outlook 2024-2025/Q1 2024 Report from the Economic Committee of the European Steel Association (EUROFER), in the third quarter of 2023 construction output in the EU decreased by 1.2 percent year on year. This negative trend is expected to persist, extending up to the first half of 2024, mainly due to the impact of the continued monetary policy tightening through higher mortgage rates on housing demand.
According to EUROFER, the sector is expected to experience a more pronounced recession of 2.1 percent in 2023, compared to the previous forecast of a 1.7 percent decline, and is expected to drop by 0.4 percent this year. However, the association forecasts a recovery of two percent in 2025.