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06.12.2024

Slowdown in German construction reaching 'bottom of trough' - ZDB

The ZDB industry association said that German construction companies expect another drop in sales next year, but there is some relief on the horizon.

According to ZDB estimates, sales will reach almost 159.3 billion euros this year. Thus, compared to 2023, sales will fall by 2% in nominal terms and by 4% in real terms. As for next year, ZDB forecasts a 2.5% drop in sales in real terms.

"Companies are no longer looking deeper into the valley of the crisis, but are increasingly orientating themselves along the bottom of the trough," said ZDB president Wolfgang Schubert-Raab.

Meanwhile, yesterday's data from HCOB showed that Germany's construction sector remained on a downward trajectory in November. The Construction PMI fell for the second month in a row in November, to 38.0 from 40.2 in October. The last value was the lowest since April. In addition, the mood of construction companies regarding future activities has deteriorated significantly. Expectations fell to their lowest level in 14 months as firms expressed concerns that political uncertainty and a weak economy would negatively affect demand.

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