Luxembourg : European construction output increased the most in 14 years in March led by a rebound in Germany, the region's largest economy.
Construction in the 16-nation euro region rose 7.6 per cent from February, when it fell a revised 7.2 per cent, the European Union's statistics office in Luxembourg said yesterday. That's the biggest gain since March 1996 and the first increase in a year. From a year earlier, output declined 5.2 per cent after dropping 14.8 per cent in February.
Reviving demand
European builders are stepping up output to meet reviving demand after unusually cold weather curbed construction in the first two months of the year.
Lafarge SA, the world's largest cement maker, said on May 5 that it sees signs of a construction rebound in Europe. In Germany, the economy unexpectedly expanded in the first quarter, bolstering the region's recovery.
German construction jumped 27 per cent in March from the previous month, the biggest gain among the 27 EU countries, yesterday's report showed.
For the EU as a whole, output rose 6.8 per cent and fell 2.4 per cent from a year earlier.
The euro pared its declines against the dollar after the data. The European currency traded at $1.2192 (Dh4.47) at 10.12am in London, down 0.1 per cent on the day, after trading as low as $1.2144 earlier.
