German construction sector records best June in 25 years

0 Comment(s)Print E-mail Xinhua, August 24, 2019
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BERLIN, Aug. 23 (Xinhua) -- New orders for the German construction industry amounted to a total of 7.6 billion euros (8.4 billion U.S. dollars) in June, marking a year-on-year increase of 2.9 percent, the German Federal Statistical Office (Destatis) announced on Friday.

A higher order intake in June had last been recorded in 1994, when Germany's construction sector achieved new orders amounting to 7.9 billion euros, according to Destatis.

However, the volume of seasonal and calendar-adjusted orders in Q2 declined by 9.6 percent compared to the first quarter of 2019.

The decline in the second quarter would be explained by the "very high level of order intakes" caused by the "particularly good development" of the previous months, the Destatis stated.

Germany's central Bank (Bundesbank) is still speaking of a "boom" in the German construction sector that was "likely to continue".

The German Institute for Economic Research (Ifo) also has a positive forecast for the development of Germany construction sector. Germany's building companies were "looking to the coming months with optimism", the Ifo institute stated in its latest climate index. Enditem

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