In 2024, a decline is expected in the construction industries in Southeast Europe, but this trend will be reversed in 2025, according to the Eastern European Construction Forecasting Association (EECFA).
Negative trends in Romania could, as they stated, lead to a fall in construction activity in our region in 2024, while forecasts say that the construction sectors in other countries will have a better performance. The construction industries of Bulgaria, Croatia and Serbia could also grow significantly in 2025, the EECFA forecasts.
When it comes to Serbia, they point out that in 2023, our country recorded better results than expected, that economic growth recovered in the second half of the year and that construction broke records.
According to the data collated by the State Statistical Office (RZS), the growth of the gross added value (GVA) of the construction industry in Serbia in the nine months of 2023 compared to the same period in 2022 was 9.2 percent.
“Construction of traffic infrastructure continues to contribute the most to such growth, especially the modernization of the Belgrade-Budapest railway, the construction of the Moravian Corridor, the Belgrade-South Jadran motorway (Preljina-Požega section), the Ruma-Šabac-Loznica expressway and the Fruška Gora Corridor, as well as the Požarevac-Golubac and Iverak-Lajkovac fast roads. The construction of pipelines, communication and electrical lines, as well as the construction of communal and sewerage infrastructure under the ‘Clean Serbia’ project, have also contributed significantly,” RZS stated in its analysis.
RZS forecasts that the GDP growth of construction in the last quarter of 2023 will amount to around 13 percent and that the service and construction sectors contributed the most to the country’s economic growth in 2023.
As for the 2024 forecast, the EECFA analysts say that in Serbia, construction activity will consolidate moderately, while civil engineering activities will record a double-digit growth rate.
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