According to the Economic and Steel Market Outlook 2021-2022/Q2 2021 Report from the Economic Committee of the European Steel Association (EUROFER), in 2020 the construction output in the EU declined by 4.6 percent year on year, having fallen by 1.6 percent in the first quarter, 12.8 percent in the second quarter, 3.1 percent in the third quarter and one percent in the fourth quarter last year, all year on year.
The fourth quarter figure reflects the restart of economic activity all across the EU. In the given quarter, construction output grew in Germany and Italy, while it fell in most other European countries.
According to the EUROFER report, gross fixed investment in construction in the fourth quarter fell by 2.2 percent compared to the same quarter of the previous year, due to a sharp fall both in residential investment and in other construction investment, while it rebounded quarter on quarter.
Civil engineering is expected to be an important growth area for the construction sector as governments invest in infrastructure as a tool to boost economic performance. EUROFER forecasts EU construction output to rebound by 5.0 percent in 2021, and by 4.0 percent in 2022.