Mumbai, India – June 30, 2014 – The Greek construction industry, although riddled with political complications and slow growth in the past five years, has slowly started to look up, though the forecast remains subdued in the period between 2014 and 2018. While the sector did very poorly in the review period between 2009 and 2013 recording a CAGR of -21.5%, the construction industry’s output is expected to record a CAGR of 0.02% over the forecast period.
This report: Construction in Greece - Key Trends and Opportunities to 2018 provides a detailed market analysis coupled with key insights into the Greek construction industry. The report analyzes the current market conditions, citing the market trends driving the industry as well as the key challenges the market has been facing alongside highlighting the prospects of the market in the coming years.
The Eurozone crisis, coupled with strict measures taken up by the troika – the International Monetary Fund (IMF), the European Union (EU) and the European Central Bank (ECB) regarding bailout loans, have been attributed as the key reasons thwarting the growth of the construction industry in Greece. Additionally, decline in both private and public sector building activities further affected the growth prospects leading the industry to rake up very poor revenues. To add to the list of complications, the introduction of a new real estate tax by the Finance Ministry of Greece has also had a negative impact on the industry.
As the Greek economy has slowly started to look up, the Government has started to roll out new projects and orders which in turn are propelling growth in this industry. The European Investment Bank has already announced a loan worth USD 2.73 billion to Greece to finance its infrastructure needs which is expected to significantly boost the construction industry. The Government has also announced plans to focus on new commercial, transport and infrastructure projects in its attempts to promote the country as a logistics hub and a premium tourism destination. Moreover, its decision to fund producers in the renewable energy sector is also bringing in new projects and schemes, which will require building of plants and infrastructure to support the market, thereby finally prompting growth in the construction markets.
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