Construction outlays up in Europe

Oct. 17, 2012 at 12:40 PM

BRUSSELS, Oct. 17 (UPI) -- Construction spending rose modestly in Europe in August, the European Union's statistical office Eurostat said Wednesday.

Spending rose 0.7 percent in the 17-member eurozone compared with July. In the 27-member European Union, spending rose 0.2 percent month to month, the data office said.

Compared to August 2011, however, spending fell in both the eurozone and the EU, dropping 5.5 percent and 6.8 percent, respectively, Eurostat said.

On an annual basis, construction outlays fell furthest in Portugal, Slovenia and Slovakia, down 17.3 percent, 14.8 percent and 11.9 percent, respectively. Construction made gains of 5.1 percent in Romania, 1.3 percent in Bulgaria and 1 percent in Sweden, representing the sharpest annual declines.

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