In Europe, construction spending drops

April 18, 2012 at 12:03 PM

BRUSSELS, April 18 (UPI) -- Construction spending fell sharply in Europe in February, the European Union's statistical office Eurostat said Wednesday.

The spending declined 7.1 percent compared to January in the 17-member eurozone and 3.7 percent in the 27-member European Union, the data office said.

Spending on building construction dropped 6.7 percent in the eurozone and 2.9 percent in the EU. Spending on civil engineering fell 9.6 percent month-to-month in the eurozone and 10.1 percent in the larger EU.

Construction outlays fell furthest in Germany -- down 17.1 percent. Spending also fell 10.3 percent in Slovenia and 9.9 percent in Italy.

On an annual basis, spending on construction is down farthest in Slovenia with spending off 27.5 percent. That is fallowed by Italy (off 23 percent) and Germany (off 21.4 percent).

On a 12-month basis, construction spending is up 13.4 percent in Poland, 5.2 percent in Romania and 3.6 percent in Sweden.

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