Dublin, Feb. 19, 2024 (GLOBE NEWSWIRE) -- The "Croatia Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
Following an annual growth of 4.3% in 2022, Croatia's construction industry was expected to grow by 2.7% in 2023, reflecting an improvement in real estate activities. According to the Croatian Bureau of Statistics (CBS), the country's construction value-add rose by 4.8% Year on Year (YoY) in the third quarter of 2023, this was preceded by YoY growth of 0.9% in Q2 and 4% in Q1 2023.
In addition, the CBS reported that the total number of building permits issued in the country rose by 4.2% in the first ten months of 2023, preceded by an annual increase of 5.8% in 2022. However, in the short term, the industry's output will be restricted by subdued investor and consumer confidence amid high inflation, with high energy prices and construction material costs. According to the International Monetary Fund, the country's inflation jumped from 2.7% in 2021 to 10.7% in 2022, and remained high in 2023 at 7.4%.
The industry's output is expected to continue to rise over the forecast period, with annual average growth of 2.9% during 2024-27, supported by investments in transport, renewable energy, residential and commercial construction projects.
Growth over the forecast period will also be supported by the Croatian Transport Ministry's focus on the development of the railway infrastructure by 2030 with an investment of EUR3.75 billion ($3.6 billion). This also includes renovation works on the 229km railway line connecting the capital Zagreb with Adriatic city of Rijeka, and the 44km railway line connecting Zagreb with Karlovac by 2030.
The report provides detailed market analysis, information and insights into the Croatian construction industry, including -
- The Croatian construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Croatian construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in Croatia. It provides -
- Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Croatia, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
Key Report Features
- Identify and evaluate market opportunities using the standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using the critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
For more information about this report visit https://www.researchandmarkets.com/r/bzumz3
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