The volume of construction in the European Union increased by 2% m/m in February

In February 2023, the seasonally adjusted volume of production in the construction sector of EU member states increased by 2% compared to January 2023, and by 2.1% compared to the same month of 2022. SteelOrbis reports about it with the reference to Eurostat data.

In the Eurozone, the seasonally adjusted volume of production in the construction sector increased by 2.3% in February, both monthly and annually.

Civil construction in the European Union increased by 1.9% in the month compared to January, and by 2% year-on-year. Production in the civil construction sector increased by 2.9% both monthly and annually.

In the Eurozone, civil construction increased by 2.1% m/m in February and by 2.6% y/y. Production in the civil sector of the region increased by 3.6% m/m over the month and by 2.6% y/y.

Compared to February 2022, in February 2023, construction volumes increased by 17.5% in Slovenia, by 17% – in Austria, by 10.4% – in Romania, and decreased by 11.8% in Hungary, by 4.3% – in the Czech Republic, and by 3.3% – in Finland.

The European Steel Association EUROFER expects moderate growth volumes of construction in the EU during 2023. In 2022, the association expects the indicator to drop by 4.4% y/y.

As GMK Center reported earlier, seasonally adjusted industrial production in the Eurozone in February 2023 fell by 0.5% compared to the previous month, and in the EU by 0.6%. Among the EU member states, the highest monthly increase in industrial production in February 2023 was recorded in Slovakia (+11.5%), Slovenia (2.7%) and Portugal (+2.5%).

Also, the European Commission is in its winter interim review improved the prognosis of economic growth of the EU and the Eurozone for 2023. The EU economy is reported to have entered 2023 in better shape than expected last autumn and avoided a contraction in the fourth quarter of 2022.