BERLIN (Reuters) – Germany’s construction sector expects nominal sales to fall for the first time in more than a decade next year as companies in Europe’s largest economy are scaling back building activity due to the COVID-19 pandemic, the ZDB association said on Tuesday.
Nominal sales are forecast to drop by roughly 1% in 2021 following an estimated sales increase of nearly 2% this year, ZDB President Reinhard Quast said. In real terms, sales are seen falling by roughly 1% this year and between 3-4% next year.
The main drag comes from weaker construction orders from industrial clients while public sector activity and real estate construction is expected to fare better.
The association forecast the sector to complete 300,000 apartments this year and roughly the same number next year.
(Reporting by Michael Nienaber and Klaus Lauer; editing by Thomas Seythal)