May 13, 2020 / 11:08 AM / 2 months ago

Coronavirus pandemic puts end to German construction boom

BERLIN, May 13 (Reuters) - Germany’s construction industry expects sales to stagnate this year with demand for machinery plunging, associations said on Wednesday, suggesting that the coronavirus pandemic is putting an end to a construction boom in Europe’s largest economy.

The HDB construction association said nominal sales would remain flat in 2020 which compares with an earlier forecast of 5.5% sales growth released in December.

The VDMA engineering association said manufacturers of construction machinery expected sales to fall by 10-30% this year as construction firms are scaling back business plans. This compares with a plunge of more than 50% during the global financial crisis more than a decade ago. (Reporting by Michael Nienaber Editing by Riham Alkousaa)

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