Market Research Report
Construction in Croatia - Key Trends and Opportunities (H1 2021)
|Published by||GlobalData||Product code||1000654|
|Published||Content info||17 Pages
Delivery time: 1-2 business days
|Construction in Croatia - Key Trends and Opportunities (H1 2021)|
|Published: April 7, 2021||Content info: 17 Pages||
Prior to the Coronavirus (COVID-19) outbreak, the construction industry in Croatia was growing at a robust pace. However, the pandemic created economic disruption in the country, with containment measures bringing many key sectors to a standstill and causing a slowdown in the construction industry. Croatia's construction industry registered a growth of 4.1% in real terms in 2020, following an annual growth of 8% in 2019. The industry's output value, measured at constant 2017 US dollar exchange rates, increased from US$7.8 billion in 2019 to US$8.1 billion in 2020.
GlobalData expects the construction industry to grow by 3.1% in 2021, and to then expand at an annual average rate of 2.8% between 2022 and 2025. Over the forecast period, the industry's output is expected to be supported by the government's focus on the development of infrastructure, as well as energy and utilities construction projects. Improvements in consumer and investor confidence and positive developments in regional economic conditions will also provide momentum.
In April 2020, the Transport and Infrastructure Minister emphasized that the government is continuing to implement large infrastructure projects, including the Istrian Y motorway project, the Peljesac Bridge, the Vc corridor and several railway projects. Moreover, the Regional Development and European Union (EU) Funds Minister said that work on the EU-funded projects was ongoing, although a portion of the funds was redirected for the procurement of medical equipment. In May 2020, the State Secretary for infrastructure said that the country is witnessing an increase in the financing for transport infrastructure projects. Construction projects are being developed using several sources of financing, including EU funding, private-public partnerships and through concessions. This will provide some boost to the implementation of public infrastructure projects over the forecast period.
In November 2020, the government unveiled a proposal for the national development strategy until 2030 to support long-term social and economic development. Under which, the government aims to increase GDP per capita to 75% of the EU average by 2030, compared to 65% in 2019 and increase the employment rate from 66.7% in 2019 to 75% by 2030.
This report provides detailed market analysis, information, and insights into Croatia's construction industry, including -
This report provides a comprehensive analysis of the construction industry in Croatia. It provides -