According to the Economic & Steel Market Outlook 2021-2022 issued by the European Steel Association (EUROFER), even though the EU’s construction industry output fell by 4.1% year on year, output figures rebounded every quarter as the worst impact of the Covid-19 epidemic had passed.
In the third quarter of 2020, economic activity across the EU had recovered, which benefited the construction industry’s output. Although the construction industry was generally slow to respond to economic shocks, the EU’s construction industry output value fell by 4.1% in the third quarter compared with the same period last year. It fell by 12.9% in Q2.
EUROFER pointed out that despite the extensive damage caused by the blockade, the construction industry performed better than other steel industries in terms of expected production activities.
The EU construction industry’s output value would be expected to rebound by 4.3% in the fiscal year 2021 and 4.0% in the fiscal year 2022.