Boston, MA -- (SBWIRE) -- 06/11/2014 -- BMI View: We maintain our construction industry growth forecast for Ecuador at 6.1% for 2014 following the official announcement of 8.6% growth for 2013 , in line with our estimate for the year. We expect this decelerating trend to continue over the medium term, as we forecast average annual growth of 3.5% between 2015 and 2019, which is much lower than the double-digit growth seen in recent years. We believe a drop-off in government spending as a result of weakening oil revenue is likely to put the brakes on infrastructure investment. This is exacerbated by Ecuador's persistently weak business environment and prohibitive financing conditions which continue to isolate the sector from private investment.
Key Trends And Developments
- A new cable car system in Quito will be an innovative solution to the public transport challenges in the capital. The project follows on the experience of neighbouring Andean countries with similar topographic characteristics where the gondola lift system has proved to be economic, highly efficient and environmentally friendly. Despite its high potential, securing funding will be one of the main risks for this project to reach completion.
- France-based Bollor? Africa Logistics, Peru's Cosmos Agencia Mar?tima and the Neltume Marglobal consortium, comprising Ultramar Agencia Mar?tima Chile and Ecuador's Marglobal, have been invited to submit technical and economic bids for Ecuador's USD951mn Manta port concession. The 37-year concession contract will involve expansion of Manta into a deepwater port, with a 16.2m draft and a minimum capacity of 9Mt, by 2051. The three teams have to submit their technical and economic proposals by June 23.
- In the oil and gas sector, Ecuador has taken the first step to developing the controversial Ishpingo-Tambococha-Tiputini block by approving drilling on the 850mn barrel area which represents a considerable upside to our forecast. Production estimates for the field range up to 200,000b/d,...
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The Ecuador Infrastructure Report features Business Monitor International (BMI)'s market assessment and forecasts covering public procurement and spending on all major infrastructure and construction projects, including transportation and logistics by land, sea and air; power plants and utilities, and commercial construction and property development. The report analyses the impact of regulatory changes and the macroeconomic outlook and features competitive intelligence on contractors and suppliers.
BMI's Ecuador Infrastructure Report provides industry professionals and strategists, sector analysts, investors, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the Ecuadorian infrastructure and construction industry.
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