ECONOMICOUTLOOK
16
Slow recovery
international
construction
september 2014
somewhat below the regional average. Austria,
Switzerland and theNetherlands will realise total
construction increases near +1.6%, while France
will struggle along at just over +1% average
growth.
The bleeding has nearly stopped in Spain, but
Portugal, Greece and Italy will see significant
further declines in construction spending in
2014 and 2015. Residential construction will
However, the outlook for Southern Europe
remains poor. While the financial position of
these economies is gradually improving, the
necessary reforms to improve labour market
competitiveness remain largely without action.
Such an environment is not conducive to new
investment. Europe is a more attractive market
today, but it remains a decidedly mixed bag of
opportunity.
iC
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be the weakest sector in these latter economies
as unemployment remains high and fiscal policy
favours taxationover economic stimulation.
The region hasmade progress with its fiscal and
financial difficulties, and the constructionoutlook
is more positive today than a year ago. Indeed,
some economies, notably Germany and the UK,
have thrown off the yoke of recession. Most of
northernEuropewill see growth to a lesser extent.
Forecasts by sector for Europe
4%
3%
2%
1%
0%
-1%
-2%
-3%
2013
Non-residential
Residential
2014
2015
2016
2017
Infrastructure
E X P E R T I S E
I N N O V A T I O N
N E T W O R K I N G
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