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The Estonian construction industry recorded a CAGR of -6.69% during the review period. The housing market cooled in 2008 as interest rates began to rise and banks tightened their lending conditions. Deflation in the property market was one of the main reasons for the decline in domestic demand and was a major contributor to the country witnessing an economic contraction of over 14% in 2009. Investment in the infrastructure construction market went some way to supporting the construction industry during the period of economic downturn, recording the lowest decline in all construction markets during the review period, at -0.08%. Overall, a balanced growth with a focus on quality is forecast for the Estonian construction industry. Timetric expects the Estonian construction industry to record a CAGR of 5.83% over the forecast period.