After massive declines in European construction equipment production and sales in 2008 and 2009, CECE expects a modest recovery this year.rnThe last two years have been the most difficult in living memory for the European construction equipment industry, following a destructive boom and bust cycle.rnAt the start of last decade, production in the European industry stood at around € 15 billion. However, rapid growth from 2004 to 2007 saw that total more than double. Production in 2008 was more or less equal to 2007 levels at just over € 30 billion, with the decline in the market coming only towards the end of the year, following the collapse of Lehman Bros.
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