Earlier today was reported, that construction sector in the single currency zone continued to contract for the fifth month in a row. It turned out to be the most prolonged decline in economic activity in the region since World War II.
Published official data showed, that Construction Output sunk by 1.7% during March, deepening compared to February data of 0.8% drop. On annual basis, this indicator registered a decline by 7.9% during March 2013, compared to March 2012. It was a significant drop, compared to data from the previous period, which showed an increase by 0.8%.
During Q1 the overall drop amounted to 3.0%, a continued tendency from the previous quarter, when output in construction declined by 1.8%. Annually, construction activity decreased by 0.9% during first quarter of the year, as this was sixth consecutive quarter of decreasing in value.
It was reported, that Commerce helped restraining the contraction tendency. Diminished construction output was monitored throughout the whole Euro zone. The indicator dropped by 3.1% in Germany, while the largest drop was recorded in Portugal, 10.7% monthly.
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