Growth Outlook: Steady Developments Keep Europe Busy
For glass industry companies F doing business in Europe, here’s some good news: it’s growing. According to Euroconstruct, a construction market forecasting network in Europe, economic growth is expected to remain solid, unemployment decrease, exports grow, interest rates remain low and consumer, business and industry conﬁdence remain high. As a result, tax revenue will increase allowing more investment in public construction and other infrastructure.
According to Eur0construct’s forecast released in June 2018, European construction will grow 2.7 percent this year, though a slower pace than last year’s 3.9 percent. Growth will also continue in 2019 and 2020, but at a slower rate, and led by the civil engineering segment. European construction has seen large ﬂuctuations in the last decade. After the ﬁnancial crisis, construction contracted for ﬁve years before growing again in 2014; this is now the ﬁfth consecutive year of growth. The rise from the 2013 low has, however, been slow and the volume of construction in the area will still be 14 percent lower than in 2007. According to the forecast, given the unhealthily high construction volumes of a few European countries before the ﬁnancial crisis and the collapse, the volume is expected to reach the 2007 level this year.
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