According to the Economic and Steel Market Outlook 2023-2024/Q2 2023 Report from the Economic Committee of the European Steel Association (EUROFER), in the fourth quarter last year construction output in the EU decreased by 0.2 percent, following an increase of two percent in the third quarter, both year on year. In 2022, construction output increased by 4.8 percent year on year, exceeding the previous estimate of 4.4 percent growth.
The positive trend in construction output that had been observed since the fourth quarter of 2020 came to an end in the fourth quarter of 2022 due to the continued rise in construction material prices, the labor shortages in some EU countries, and increasing economic uncertainty.
According to the EUROFER report, gross fixed investment in construction in the EU in the fourth quarter rose by 0.9 percent year on year, which was the eighth consecutive quarter-on-quarter increase.
EUROFER said it expects construction output in the EU to decrease by 1.6 percent in 2023 and to recover by 1.3 percent in 2024.