Market Research Report
Construction in Hungary - Key Trends and Opportunities to 2024
|Published by||GlobalData||Product code||661498|
|Published||Content info||44 Pages
Delivery time: 1-2 business days
|Construction in Hungary - Key Trends and Opportunities to 2024|
|Published: November 18, 2020||Content info: 44 Pages||
Prior to the Coronavirus (COVID-19) outbreak, the Hungarian construction industry expanded by 21.4% in real terms in 2019. However, with disruptions caused by the COVID-19 pandemic following strict lockdown measures, coupled with weak economic conditions, the industry has been severely impacted in 2020.
The Hungarian Central Statistical Office reported that the construction industry's value-add declined by 7.2% in the first six months of 2020 (the latest data available at the time of writing) compared to same period of 2019; this was preceded by annual growth of 15.1% and 13.0% in 2018 and 2019, respectively. In the coming quarters, the construction industry's output is expected to recover, driven by the government's focus on the development of the country's transport and energy infrastructure.
Reflecting the disruptions caused by the pandemic, coupled with the weak outlook for economic growth, GlobalData forecasts the construction industry to contract by 4.4% in 2020, followed by an average annual growth rate of 4.3% during the period of 2021-2024. This growth will be supported by the government's focus on developing the country's road infrastructure under the Hungarian village program. The government also aims to invest in renewable energy with plans to generate 100% of the total energy from renewable energy sources by 2030 will drive industry growth.
GlobalData's Construction in Hungary - Key Trends and Opportunities to 2024 report provides detailed market analysis, information, and insights into the Hungarian construction industry, including -
This report provides a comprehensive analysis of the construction industry in Hungary. It provides -