Construction forecast group Euroconstruct has published its updated Construction Investment forecasts for 2013-15 which sees a three per cent decline this year across the 19 countries for which it provides forecasts, and a gradual upturn from 2014.
In western Europe its overall expectations remain unchanged at a 2.7 per cent decline. Its forecasts for Germany were revised down (+0.3 per cent compared to a previous estimate of +1.2 per cent), while the UK has been upgraded from -2 per cent in Euroconstruct's June 2013 forecasts to -1.1 per cent in its latest briefing. However, Eastern Europe forecasts have been revised down from -4.7 per cent to -7.7 per cent.
In 2014, the overall expectation for the EC19 countries is growth of 0.9 per cent, from a previously-projected 0.5 per cent. For 2015 the rate of growth has also been revised upward slightly from 1.7 per cent (June 2013) to 1.8 per cent.
Of key note, The Netherlands is now expected to stabilise in 2014 having been impacted by property deflation through the year. Ireland is also projected to post a strong rebound next year from -3.5 per cent in 2013 to +9.8 per cent in 2014. Meanwhile, the decline in Spain will continue next year, but the rate of contraction is expected to ease from -23 per cent in 2013 to -6.7 per cent the year after.
