Data published by the National Institute of Statistics (ISTAT) showed that in March the construction output grew by 3.8% per annum after increasing by 7.4% per annum in February (revised from +5.9%). March's growth was the weakest since May 2023. Economists had expected an increase of 2.0% per annum. On a monthly basis, the decline in the construction output slowed to 1.9% from 3% in February. Meanwhile, in the first quarter, the seasonally adjusted index of production in construction demonstrated a growth of 1.5% in comparison to the previous quarter.
Official data on construction output in the eurozone for March will be published tomorrow. In February, construction output shrank by 0.4% per annum, following a revised 0.3% fall in the prior month. It marks the second consecutive month of downturns within the construction sector across the bloc. Compared to the previous month, seasonally adjusted production in construction increased by 1.8%.