Euro area construction dips in June

Construction output in the euro area retreated in June amid sharp declines in Germany and France, the bloc's main engines.

Total production fell by 0.5% month-on-month, according to the Eurostat, although in year-on-year terms it picked-up from a 2.7% clip in May to 3.4%.

By segments, output was down by 0.4% on the month in building and by 0.5% in civil engineering.

German outout was weakest, shrinking by 1.0% on the month after a 1.3% fall in May. However, that followed outsized gains of 9.4% and 1.0% in February and March, respectively.

In Spain, activity was 2.2% ahead and in the Netherlands by 1.8%.

Compared with the year-ago period, production accelerated from a 2.7% clip to 3.4%.