Construction in Croatia – Key Trends and Opportunities to 2015 - PDF by Timetric


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									Construction in Croatia – Key
Trends and Opportunities to 2015
Reference code: CN1009IR

Published: July 2012


1      Executive Summary
        The Croatian construction industry grew at a CAGR of 0.25% in the review period. The global financial
        crisis affected the Croatian economy badly, and its construction industry lost 6.0% in 2009 and a further
        17.1% in 2010. In 2009, the country’s credit markets remained frozen because of the government’s
        refinancing needs, and as a result were unable to provide any stimulus to the market.

        In 2010, infrastructure construction was the largest market in terms of market share, accounting for a
        48.6% share of the total industry. The market declined at a CARC of -2.40% over the review period, due
        to a lack of public investment. Market growth was largely affected by the decline in the sewage and water
        infrastructure categories, which recorded CARCs of -6.94% and -4.40% respectively.

        Before the financial crisis, the government of Croatia launched various schemes to encourage industries
        to set up plants in the country, but these projects were mostly cancelled or postponed as the financial
        crisis took hold in 2009. This resulted in the limited growth of the industrial construction market, which
        registered a CAGR of 3.26% over the review period, largely driven by growth in refinery buildings and
        waste processing plants with CAGRs of 16.41% and 5.54%, respectively.

        The commercial construction market grew at a CAGR of 1.54% over the review period, with growth
        largely driven by the retail and office building categories which grew at CAGRs of 3.76% and 2.62%

        Helped by the growing population, the residential construction market was the least affected by the credit
        crisis. The market grew with the highest review-period CAGR of 4.56%, led primarily by the residential
        building redevelopment and new multi-family housing categories with CAGRs of 8.14% and 4.25%

        The institutional construction market grew at a CAGR of 2.76% over the review period, with the
        institutional buildings and research facilities categories recording CAGRs of 8.53% and 
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