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Continuingly weak business situation in construction to retard economic growth in Europe up to 2003

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  • Volker Rußig

Abstract

The fifty-first EUROCONSTRUCT conference took place on 18/19 June 2001 in Copenhagen. The focus was on up-dated forecasts for the European construction sector that again included 15 western and four central and eastern European countries. The results for 2001 are that Europe can expect a weakening of construction growth (just +1½% after almost +3%). Thereafter, construction output will increase but at a flat growth path of about 2% in the two following years. This is caused by a weakening in construction in parts of western Europe; in central and eastern Europe, a strong expansion on construction output is forecast. Residential construction will decline initially and then grow at only a below-average pace, with new housing construction retarding growth. Non-residential construction will show considerably stronger growth. And civil engineering, expanding at a 10% pace during the entire forecast period, will be the strongest growth sector in the construction industry. Construction's share in GDP will continue to decline in western Europe to ca. 10½%, but in central and eastern Europe it will increase continuously to more than 12½% by 2003.

Suggested Citation

  • Volker Rußig, 2001. "Continuingly weak business situation in construction to retard economic growth in Europe up to 2003," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 54(14), pages 36-43, October.
    • Handle: RePEc:ces:ifosdt:v:54:y:2001:i:14:p:36-43
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    References listed on IDEAS

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    1. Hans-Werner Sinn, 2001. "Die Weltkonjunktur und die deutsche Wirtschaft," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 54(13), pages 18-28, September.
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    More about this item

    JEL classification:

    • L74 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Construction
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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