please find the thirteenth edition of our FEST newsletter below.
Yours
Nikolaus Klein, Matthew Gray, Editors
Risks and uncertainties impeding the growth of the European construction market
The continuation of the war in Ukraine and the severe energy crisis, along with the sudden changes in monetary policy, were initially pointing towards a recessionary outlook for the European economy.
MCE Mostra Convegno Expocomfort, the global business platform for companies in the HVAC+R, renewable energy sources, energy efficiency and water sectors, is gearing up for its 43rd edition, which will be the return to its traditional scheduling period, from 12 to 15 March 2024 at Fiera Milano.
In June 2023, the Economic Sentiment Indicator (ESI) declined further in both the EU (-1.1 points to 94.0) and the euro area (-1.1 points to 95.3). By contrast, the Employment Expectations Indicator (EEI) rose marginally (+0.4 points to 104.3 in the EU and +0.4 points to 105.0 in the euro area).
Companies looking for young people and professional skills
Italy "boasts" the third highest youth unemployment in Europe and has as many as three million "Neets" ("Not in Employment, Education or Training"), i.e. young people who do not study, do not work and are not in training.
In May, construction output fell by 0.7% year-on-year, much worse than expected. This is primarily the result of a large decline in the construction of buildings, which was not offset by growth in categories related to infrastructure investment, such as civil engineering construction.
Council and Parliament strike deal on energy efficiency directive
The Council presidency and the European Parliament negotiators today reached a provisional political agreement to reduce final energy consumption at EU level by 11.7% in 2030. Member states will benefit from flexibilities in reaching the target.
