European building sector outlook forecast to grow slowly through 2010

Building sector output in the 19 Euroconstruct countries is expected to increase 0.3 percent during 2008 from 2007 levels to reach Eur.51 billion. This is according to forecasts issued at the latest Euroconstruct conference held in Rome on 13 June 2008.
This year and in the next two years, the European building sector is expected to grow at a slightly slower rate than the European economy as a whole. New residential construction accounting for around Eur 351 million of total construction in the region is now expected to decline dramatically following increases in the last two years. The value of residential construction is forecast to drop by 8 percent in 2008 and 5 percent in 2009. Current expectations are that the decline should be halted by 2010.
In contrast, activity in the building renovation sector is expected to rise at a modest rate of around 1.3 percent per year between 2008 and 2010. The non-residential sector is expected to grow at a rate of around 2.5 percent in 2008, but to slow in 2009 and 2010.
The Euroconstruct countries are: Belgium, Denmark, Germany, Finland, France, Uk, Ireland, Italy, Netherlands, Norway, Austria, Portugal, Sweden, Spain, Switzerland, Czech Republic, Hungary, Poland and Slovakia.