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October 5, 2016

Construction activity will increase in Spain

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Currently Spain occupies a high position on the Europe map of construction activity. During this year, the country has repeatedly led the different classifications and forecasts indicating that Spain will also continue to play a prominent role in this sector in the coming years.

According to the data analyzed by Euroconstruct, an independent network bringing together institutes of analysis of the main European countries, construction activity of building in Spain shall occupy a fifth place in the ranking of growth till 2018. In particular, it is expected that this year this Spanish sector to grow by 3.7%, 4% in 2017 and 3.5% in 2018.

Moreover, this institution considers that the construction of real estate in Spain will prevail during this year, while in the next two years, the construction of civil buildings will stop to let down that will help to balance this sector.

Nevertheless, the data for the next three years will be surpassed only by the Netherlands (3.9%), Hungary (5%), Poland (7%) and Ireland, which will lead forecasts with the growth in more than 12%. Unlike Portugal and Spain, where the increase in construction activity is equal to or slightly above 3%, while in Denmark, Finland, Great Britain, the rates will be around 2.5%. According to forecasts, Italy, Belgium, Germany, Austria and Slovakia will close the ranking with an average of less than 1%.

If we have a look at the experts' forecasts for a longer period (2015-2020 years), also we found that Spain ranks on a high place in Europe in terms of construction activity. In particular, this is the second of the five continental powers, which have a better outlook. Only in the UK it is expected that growth will be the most significant of all, i.e. an increase of 3.6%, which is followed by Spain (2.8%), Germany (2.4%), France (1.3 %) and Italy (0.8%).

Besides, following the conclusions it can be argued that Spain will overtake Russia in real state construction activity (1.4%), Australia (2.6%) and Brazil (1.5%) and will be on par with Japan (2.8%), although it will remain behind Mexico (3.3%), the USA (4.3%), Indonesia (5.2%), Canada (5.3%), China (5.6%) and especially India (8.1%). The world average during this period exceeds the index of Spain (4.1%).

In addition, it is worth noting that the sector of the construction of buildings in Spain will grow more than the whole of the Spanish economy. According to the forecasts of the Central Bank of Spain, Spanish GDP will grow by 3.2% this year, by 2.3% in 2017 and by 2.1% in 2018, resulting in an average growth of 2.86% during three years, compared to 3.7% expected for the construction sector. Experts of Spanish real estate market share the opinion that this sector of the Spanish economy has a very high potential, which will allow it to achieve good results in the coming years.

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