Construction spending drops in EU

Construction spending dropped in Europe in October, the European Union's statistical office Eurostat said Thursday. Spending dropped 0.4 percent in the 17-member eurozone compared with September 0.9 percent in the 27-member European Union, the data office said. Compared to October 2011, however, spending declined 4.7 percent in the eurozone and 5.9 percent in the EU, Eurostat said. On an annual basis, construction outlays fell furthest in Slovenia with outlays down 20.4 percent. In Italy and Portugal, spending fell 17.9 percent. With spending up 10.3 percent, Spain had the sharpest increase in construction spending in the EU. In Sweden, spending rose 1.5 percent, putting it in a distant second behind Spain.