Recently published research from Business Monitor International, "Croatia Infrastructure Report 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 01/15/2013 -- BMI View: The outlook for the Croatian infrastructure sector continues to remain grim in the face of slackened economic growth both domestically and within the region. Although the government's pledge to inject EUR13bn into the country's infrastructure sector and Croatia's accession to the EU by 2013 clearly creates room for optimism, BMI leans on the cautious side.
The further downturn in Croatia's economy has prompted a change in our forecasts for the first 6 months of the year. In 2012, Croatia's construction sector poised a further contraction of 5.4% year-on-year (y-oy) in real terms - its fourth consecutive year of decline - as businesses remained cautious about making new investments, and the government postponed existing projects. We now forecast a moderate recovery for 2013, with a construction real growth of 1.5% y-o-y. Our positive view for the construction sector is underpinned by the continued efforts of the current government to push forward market reforms in a bid to secure EU membership, which we have long-expected to happen in 2013. The main risk to our outlook is the potential for delayed EU membership. Should the country's reform momentum slow, or delays to progress occur because of expansion fatigue among existing EU members, Croatia's EU accession may be pushed beyond the 2013 target date. This will curb the extent and pace of integration and convergence with the EU, which in turn will weigh on the appeal of Croatia to foreign investors.
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Thereafter, we expect the market to return to positive territory, with growth averaging 3.05% y-o-y, between 2013 and 2017 taking construction value to US$4.0bn by 2017.
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