Construction activity expected to rebound this year

Construction activity expected to rebound this year

Published at: 2016-03-25 08:20 | Author: CIJ Greece
After almost a decade of decline, the Greek construction experts are predicting that the sector has hit bottom and that 2016 will prove to be a rebound year.

They note that had it not been for the three-week bank holiday last summer and the introduction of the capital controls, construction activity could have begun its rise in 2015.

As it turned out, last year ended with a marginal decline (0.2 percent) in construction output, which was a significant improvement over the 5.8 percent drop in 2014 and a horrific 2013 which saw a 25.6 percent slump.

In the first quarter of last year activity soared 29.2 percent on an annual basis, but the imposition of capital controls and political uncertainty reversed the trend. The construction market has decreased 90 percent since the start of the economic crisis in 2007.

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