The European construction sector was relatively stable in July but declined by nearly 4%, data from EU’s statistical agency Eurostat showed. Eurozone’s construction output was up 0.2% month-on-month but declined 0.1% in the broader 27 EU member states. On a year-on-year basis, production fell 3.8% in the 19 eurozone countries and dropped 3.9% in the entire EU, Eurostat data showed.
Activity in the petrochemical-intensive construction sector began to gradually increase from May thanks to the easing of lockdown measures. In June, construction output rose by 5.1% and 3.8% in the eurozone and the EU, respectively. Increasing construction activity is expected to support the petrochemical sector, given construction is a crucial market for many materials.
