The construction industry is a major constituent of European economies. The gross output of the sector in the European Union (EU) represented 10.4 per cent of GDP and 5.4 per cent of total value added (2000 figures). The sector also accounts for one half of gross capital formation. However, the share of construction expenditure in GDP has been declining steadily since 1973, with the exception of a small boom at the end of the 1980s. The evolution is basically the same for residential and non-residential components, paralleling other industrialised countries.
KeywordsEuropean Union Real Estate Shadow Economy Construction Sector Capital Intensity
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