Constructions on recovery path after collapsing 82%

Constructions on recovery path after collapsing 82%

Greece's construction sector has been expanding in the last two years due to a pick up in public contracts and projects abroad after collapsing by 82 percent in the 2007-2015 period, according to ICAP.

Construction accounted for 8.3 percent of annual economic output in 2006 but fell to to 2.2 percent in 2016 amidst a credit squeeze, plunging income levels, rising taxes and massive cuts to private and public investments.

In 2016, the sector grew 16.7 percent, the first growth rate in nine years, in an upturn that continued in 2017 and is likely to continue further.

"For the next two years (2018-2019) prospects are positive due to new large projects that are expected to be tendered in 2018, and the broader improvement in the investment outlook (new Development Law, European ESPA funds and Public-Private Partnerships). All of this, of course, on the condition that there is a stable economic and business environment," it added.