Market Research Report
Construction in Belgium - Key Trends and Opportunities to 2024
|Published by||GlobalData||Product code||960772|
Delivery time: 1-2 business days
|Construction in Belgium - Key Trends and Opportunities to 2024|
|Published: August 11, 2020||Content info:||
Prior to the COVID-19 outbreak, GlobalData expected Belgium's construction industry to grow by 3.1% in 2020. However, with the emergence of the pandemic and the stringent measures taken by the government to contain the spread of the virus, the construction industry is now set to contract by 4.5% in 2020. Furthermore, downward revisions are likely if activity in the short term is more severely disrupted than currently anticipated.
According to the National Bank of Belgium (NBB), the country's construction industry contracted by 2.6% year-on-year (y-o-y) in the first quarter of 2020, and the construction industry is expected to have contracted further in the second quarter, reflecting the lockdown measures imposed throughout April and May 2020.
Construction activities in the country were disrupted, as construction companies closed sites in response to the pandemic. Since April 2020, however, work has resumed on many projects, including the renovation of the Leopold II tunnel. In May 2020, the Flemish ministry of Mobility and Public Works announced plans to invest EUR2.2 billion (US$2.5 billion) on 924 minor and major projects this year. The government expects that investments on these projects will help in boosting the road and hydraulic engineering sector, thereby contributing to the overall economy. Thus, over the remaining part of the forecast-period (2021-2024), GlobalData expects industry output to register an average annual growth of 2.7%
This report provides detailed market analysis, information and insights into Belgium's construction industry, including -
This report provides a comprehensive analysis of the construction industry in Belgium. It provides -