The CECE Annual Economic Report contains sections on the macro economic situation, the performance of the construction sector, the main markets and main segments of the European construction equipment industry.
The report includes also information from the national CECE member associations, shedding more light on regional developments in the European construction equipment sector
In 2020, the economy was effectively “closed down” as a result of growing fiscal deficits and unprecedented government interventions. The final level of damage incurred by the crisis will depend on the outcome of the battle between the virus and the vaccine. As a result, the current economic situation is very much dictated by the Covid-19 pandemic.
In November 2020 construction output increased by 1.2% in the EU-27 compared with October 2020. In the euro area the increase amounted to 1.4%. After an unprecedented decline in March and April due to the pandemic, construction output showed a dynamic increase of 22% in May. In the months following this output recovered further, but relatively moderately.
As a result, by November 2020 output had reached 97.5% of the pre-crisis level in February 2020. It is expected that for the full year, construction output in Europe will show an 8% decline in 2020. For 2021, the forecast is for growth of more than 4%, to be followed by 3.4% in 2022, and 2.4% in 2023, retaining a positive outlook.
- Format: A4
- Number of pages: 19
- Scheduled date: March 2021