ECB rate cuts set to lift slumping construction

“The building industry is weakening and in a slump – too little new construction is taking place,” ECB's Habeck said. — Reuters

Berlin: Germany’s sagging construction sector should face an upswing thanks to additional European Central Bank (ECB) interest-rate cuts, according to Vice-Chancellor Robert Habeck.

“The building industry is weakening and in a slump – too little new construction is taking place,” he said in Holzminden in Lower Saxony on Monday. “This can be resolved by the ECB lowering rates again and then construction will again ramp up.”