EU Construction Output Falls For Second Straight Month
Construction output in the 17-member euro area fell in January, marking two months of declines fueled by the troubled economies of Spain and Italy.
Seasonally adjusted production fell by 0.8 percent in the 17-nation monetary union, following a 1.9 percent decrease in December 2011, the European Union's statistics office reported Monday.
Italy and Spain drove the decline, with 7.8 percent and 3.5 percent drops, respectively. The cumulative effect of the decline was enough to offset a 4.3 percent jump in Germany, a 0.6 percent increase in France and a 2.5 percent increase in Portugal.
Building construction across the euro area fell 1.5 percent while civil engineering rose 1.6 percent.
The largest annual drops from January 2011 figures came from Slovenia, Portugal and Spain, with 19.7 percent, 11.9 percent and 11.5 percent decreases, respectively. Poland saw the greatest year-over-year increase, with 34.2 percent.
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