New Construction research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 05/22/2013 -- BMI View: Infrastructure projects face strong headwinds in Bulgaria as lack of investor confidence and corruption continue to impede growth. We forecast year-on-year growth of 0.9% for 2013, rising to 2.1% in 2014. Over the 10-year forecast period, industry value will rise from US$2.9bn in 2013 to US$4.2bn by 2022.
Key developments in Bulgaria's infrastructure sector:
- The Sturma motorway development project in the Yugozapaden region of Bulgaria has secured EUR274mn (US$359.48mn) in financial assistance from the European Commission (EC). Work comprises the construction of a dual carriageway between Dolna Dikanya and Blagoevgrad, and from Sandanski to the border crossing with Greece at Kulata. The three sections - lots 1, 2 and 4 - cover 68.5km and are scheduled to be completed by end-2015. Work is also due to include preparation for the construction of the Blagoevgrad-Sandanski section (lot 3), entailing tunnels bypassing the Kresna gorge.
- The Bulgarian populace has given its support to the construction of a nuclear power plant. The government launched its first referendum since the end of Communism to address the issue; however, it is against the plan and may attempt to overturn the decision, particularly as the turnout reached only 19.5% and 20.3%.
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We view the ruling Citizens for Bulgaria's European Development (GERB) as the most likely winners at the parliamentary elections in mid-2013. Although support for the party has been flagging, GERB still leads in the polls and is likely to benefit from increased government spending coupled with a pick up in the economy ahead of the elections. However, regardless who wins the election, Bulgaria will continue to struggle with high levels of corruption.
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