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The economy

National economic growth may well begin to slow in 1998, hitting those at the front end of the construction cycle. But civil engineering contractors and most consultants feel confident that they have already accrued enough work to continue to see their workloads grow steadily for the next two years.

At present construction looks likely to begin to run into (a hopefully mild) recession during the second half of 2000, perhaps a year behind the national economy. The one great uncertainty is the impact of European Monetary Union on the economy. The identity of the countries which will join the first wave of EMU is due to be announced in the middle of the year.

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