Sharp Decline in European Construction Output

According to data released earlier today, he mini-boom in European construction that began earlier this year came to an abrupt halt in June, as output declined by more than 2% year-over-year (from a multi-year high of more than 7%yoy in April):



Growth in building construction and civil engineering projects both turned negative:



On a country basis, the unusual spike in Spanish construction output appears to be normalizing while growth in Portugal never managed to pick-up at all:



On a company basis, the tentative improvements in many MSCI Europe Construction & Engineering members appear to be weakening once more: