Market Research Report
Construction in Estonia - Key Trends and Opportunities (H1 2021)
|Published by||GlobalData||Product code||1000655|
|Published||Content info||16 Pages
Delivery time: 1-2 business days
|Construction in Estonia - Key Trends and Opportunities (H1 2021)|
|Published: April 7, 2021||Content info: 16 Pages||
The Estonian construction industry had been growing at a fast pace prior to the Coronavirus (COVID-19) pandemic. Although the country was not immune to the COVID-19 crisis, the construction industry was not affected to the same extent as major markets across Europe. This primarily reflects the positive underlying growth momentum prior to the outbreak of the virus and the milder nature of the lockdowns in Estonia. As a result, the Estonian construction industry grew by an impressive 6.8% in 2020.
GlobalData expects the construction industry to grow by 4.7% in 2021 and register an annual average growth rate of 4.9% from 2022 to 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, with funding support from the European Union (EU). Improving investor confidence and positive developments in regional economic conditions will also provide momentum.
The government plans to invest EUR438 million (US$482.4 million) to develop and upgrade public transport infrastructure over the next three years. The government also plans to provide EUR10 million (US$11 million) to the state-owned railway infrastructure company, AS Eesti Raudtee, in 2021.
In 2020, the European Investment Bank (EIB) signed a loan agreement worth EUR95 million (US$104.6 million) with Eesti Raudtee to modernize tracks and the Control, Command and Signaling (CCS) of the Estonian rail network. In the fourth quarter of 2020, an agreement worth EUR115 million (US$126.7 million) was signed between Siemens Mobility - GRK Rail Consortium and Estonian Railways Ltd to renew the CCS systems of the Estonian Railways network.
In February 2021, the government approved a 100-day plan in a bid to help the economy recover from the COVID-19 pandemic. The plan is to focus on regional development, revitalize the tourism and education sector, construct a new modern medical campus, and develop the energy sector to achieve climate neutrality by 2050.
This report provides detailed market analysis, information, and insights into the Estonian construction industry, including -
This report provides a comprehensive analysis of the construction industry in Estonia. It provides -