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New Market Report: Greece Infrastructure Report Q4 2013

Fast Market Research recommends "Greece Infrastructure Report Q4 2013" from Business Monitor International, now available


Boston, MA -- (SBWIRE) -- 11/13/2013 -- While recent economic data releases suggest that Greece may overcome six years of recession and record slightly positive economic growth in 2014, one of the weaknesses of the country's economic restructuring plans remains the slow pace of privatisation with regard to state-owned assets. In line with this slight positive economic outlook, though our forecast for the Greek construction industry in 2013 remains bleak with yet another year of contraction in the industry, we see the sector to pick up the pace in 2014 but recording tentative recovery only by 2015. Throughout 2013 and 2014 the downturn is evident in both the housing and infrastructure segments, as private residential construction and government sponsored public projects ground to a halt. In line with our overall view about existing projects facing significant delays and funding issues, we see little scope for a quick rebound in the construction industry during our 10-year forecast period.

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Greece's construction industry is estimated to have contracted by almost 15.6% year-on-year (y-o-y) during 2012 in real terms, according to new data released by General Secretariat of National Statistics, and there is little hope for resurgence in 2013 as reduced spending on planned projects and diminished demand from the private sector (owing to higher property taxes, tight credit and rising unemployment) discourage investors from returning to the market.

Key areas with growth potential:

Transport Infrastructure: In August 2012, Greek development minister Costis Hatzidakis announced that the government will increase its focus on new transport infrastructure projects to boost development in the recession-plagued economy. Key transport projects include the completion of a metro network in the northern city of Thessaloniki, expansion of the suburban rail network and the regional ports of Patras, Igoumenitsa and Lavrion. In addition, most recently (mid-2013) Mr. Hatzidakis announced that long awaited road extensions of 4 major motorways (Olympia Odos, Aegean Motorway, Kentriki Odos and Ionia Odos) which have been frozen over the past years will be re-started. As such, we see the railways, airports and ports sub-segments to see particularly strong investment inflow over the 10 year forecast period. However, risks remain to the upside as Greece's unstable economic environment makes it unable to secure the financing required to keep the projects active.

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