Construction output in the euro zone has experienced its most pronounced fall since May 2020, at the height of the COVID-19 crisis, according to the latest S&P construction index figures.

The S&P Global Eurozone Construction Total Activity Index dropped to 42.6 in the final month of 2022, down from 43.6 in November. The index has now posted below the 50.0 threshold for eight months in a row, showing that the euro zone is in a sustained period of construction contraction. Each   of       the      big-three          euro       zone          nations monitored by the survey registered lower activity in December 2022. The biggest drop was seen in France (41.0), closely followed by Germany (41.7). Activity at Italian firms returned to con­ traction territory (47.0) following a brief upturn in November.

Euro   zone   construction   firms  recorded    a lower level of commercial building activity again in Decemb