European Union Construction Output y/y
Construction Output y/y shows the volume of production and activity in the construction sector of the euro area for the given month compared to the same month of the previous year. The calculation includes construction in private and civil engineering (such as bridges, public buildings, etc.) sectors. The indicator is based on seasonally adjusted figures. Also, the value is inflationary adjusted. Since the accurate account of construction volumes is rather problematic, the index is measured based on several indicators:
- Productivity of construction companies (the preferred option, which best reflects construction volumes)
- Turnover of construction companies (the calculation includes subsidies but does not include VAT)
- Workforce involvement
- Construction materials used
- Administrative data, such as building permits issued
Although the relative share of construction in Europe's economic activity has declined in recent years, construction continues to be of great importance in the Member States' economies. Construction output has a great share in the eurozone's GDP calculation and is used in the preliminary evaluation of eurozone's economic activity, together with the Industrial Production Index. Construction Output data can also be interpreted as a leading indicator of activity in the real estate market.
Indicator growth can be seen as positive for the euro quotes.
The chart of the entire available history of the "European Union Construction Output y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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