Spain's per capita cement consumption is the highest in the European Union and the fifth highest in the world, with the construction sector having been buoyed by a massive housing boom. However, there are signs that this is starting to slow, as sharply higher prices cut off access to the market and borrowing costs rise due to interest rate hikes. Opinion is torn over predictions for 2008: The Spanish cement manufacturers' association Oficemen has said that the drop in residential construction is being offset in part by an increase in public works activity, which continues to grow at a good rate, but has nonetheless predicted a 6 percent decline in cement sales in 2008.
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