Euroconstruct have dramatically revised down their forecasts for the Spanish building industry.
Euroconstruct, the European network of nineteen research institutes, have since June dramatically revised down their forecasts for Spanish building activity, as you can see from the table above.
The Spanish building industry is forecast to contract 30.8pc this year, and 23pc next year, compared to forecasts they made in June of -21.1pc this year and -8.1pc next year.
Euroconstruct provide building industry forecasts for most European countries, and the comparison with other countries makes clear how badly the industry in Spain is suffering. The average decline in Europe this year is forecast to be -4.7pc, compared to 3-0.8pc in Spain, and -1.6pc next year, compared to -23pc in Spain.
In the year to end October residential planning approvals were down 44pc on last year and Jan-Sept the number of houses finished was down 43pc, according to the latest figures from the Housing Department in the Ministry of Public Works (Fomento).
When it comes to building industry crashes, Spain is the undisputed European leader.