EU Funds and Infrastructure Push Bulgaria Construction
Tuesday, 07 May 2019
Bulgaria’s construction industry growth decelerated to 3.7% in 2018, after growing at 4.4% in 2017. The industry’s output value in real terms is expected to rise at a compound annual growth rate of 4.4% between 2018 and 2023. This is according to leading data and analytics company, GlobalData, Novinite.com reported.
GlobalData’s report ‘Construction in Bulgaria – Key Trends and Opportunities to 2023’ reveals that the industry’s output value in real terms is expected to increase from a value of US$8.7 billion in 2018 to US$10.7 billion in 2023, measured at constant 2017 US dollar exchange rates, writes World Cement.
Infrastructure construction was the largest market in the Bulgarian construction industry during the review period, accounting for 36.1% of its total value in 2018. The market is expected to remain the dominant sector over the forecast period, though it will lose some share, with infrastructure construction accounting for 33.9% of the industry’s total value in 2023. Growth in the sector will be supported by the government’s investment in rail and road transport infrastructure development projects. In the 2019 budget, the government announced plans to invest BGN550 million (US$331.4 million) on infrastructure development.