According to the Economic and Steel Market Outlook 2014-2015/Q1 2014 Report from the Economic Committee of the European Steel Association (EUROFER), in the third quarter of 2013 construction activity in the EU declined by 1.1 percent year on year, following the sharp decline which was recorded in the first half of the year. Meanwhile, in the fourth quarter of the year construction activity showed a further slight contraction. On balance, construction output in the EU in 2013 is estimated to have decreased by three percent year on year.
On country basis, in 2013 the strongest reduction in activity was registered in Spain, Poland and Italy, while the Czech Republic and Slovakia recorded softer declines. Germany, the UK, Sweden and the Netherlands managed to register increases, all compared to 2012.
According to EUROFER, construction activity in the EU in 2014 and 2015 is expected to record a slow and cautious recovery, while construction investment is foreseen to improve only hesitantly, having fallen over the past six years.
EUROFER expects construction output in the EU will rise by almost 1.5 percent in 2014 and by 2.5 percent in 2015. Also, the divergence at the country level is expected to gradually decline over this period.