Construction spending in Europe slips

Construction spending dropped in Europe in February from January, the European Union's statistical office Eurostat said Wednesday. Spending dropped 0.8 percent in the 17-member eurozone compared with January after dropping 1.4 percent in the month prior. In the 27-member European Union, construction spending fell 0.4 percent after a drop of 1.3 percent from December to January, the data office said. Compared to February 2012, spending rose 0.8 percent in the eurozone and fell 1.1 percent in the EU, Eurostat said. On an annual basis, construction outlays fell furthest in Portugal, Slovenia and the Netherlands with spending down 20.9 percent, 13.1 percent and 7.8 percent, respectively. Spending on construction rose the furthest in France, up 8.7 percent, Bulgaria, up 7.8 percent, and Hungary, up 7.1 percent. In Germany, home to Europe's largest economy, construction outlays rose 6.2 percent from February 2012.