This report provides detailed market analysis, information and insights into the Czech construction market, including:
- The Czech construction market’s growth prospects by sector, project type and type of construction activity
- Analysis of equipment, material and service costs across each project type within the Czech Republic
- Critical insight into the impact of industry trends and issues and the risks and opportunities they present to participants in the Czech construction market
- Assessment of the competitive forces facing the construction industry in the Czech Republic and profiles of the leading players
- Data highlights of the largest construction projects in the Czech Republic
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The Czech construction industry saw a steady decline in activity during the review period, registering a CAGR of -5.65%. The country’s export-oriented manufacturing sector observed a fall in investment following the financial crisis. This, along with a decline in employment and low wage growth, led to a steady fall in domestic economic activity and demand for new construction projects. Supply has been hampered as developers are wary of the economic situation and have postponed new projects until conditions improve.
The industry is expected to regain momentum over the forecast period, with growth expected at a moderate CAGR of 2.13%. Future growth will be aided by a recovery in business confidence, an increase in the number of smaller households, government plans to increase nuclear energy use to 50% of total energy consumption by 2060 and an expected increase in minimum wages, the first since 2007.
This report provides a comprehensive analysis of the construction industry in the Czech Republic:
- Historical (2008-2012) and forecast (2013-2017) valuations of the construction market in the Czech Republic using the construction output and value-add methods
- Segmentation by sector (commercial, industrial, infrastructure, institutional and residential) and by project type
- Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)
- Analysis of key construction industry issues, including regulation, cost management, funding and pricing
- Assessment of the competitive environment using Porter’s Five Forces
- Detailed profiles of the leading construction companies in the Czech Republic
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- The Czech economy contracted by 1.3% in 2012. This was mainly due to weak private consumption, gross fixed capital formation and a sharp drain in inventories. Private consumption declined by 3.6% in 2012, from 0.7% growth in 2011, owing to a slowdown in disposable income, labor markets and fiscal austerity measures. Gross capital formation also contracted by 3.3% in 2012 as investments slowed down due to weak export markets and excess available capacity.
- The unemployment rate rose marginally from 6.7% in 2011 to 6.8% in 2012. Weak economic growth prospects and the government’s fiscal austerity measures are expected to continue to negatively impact the unemployment situation in 2013. Unemployment is expected to reach 7.5% in 2013 and increase to 7.9% in 2014. However, it is expected to ease gradually from 2015 as domestic demand and the external environment improves.
- The Czech Republic’s construction industry continued its weak performance in 2012; construction output declined by 6.5%, while new orders contracted by 18.4%, and the number of building permits fell by 8.8% in 2012, compared to the levels recorded in 2011. The value of the construction industry declined by 20.8% in 2012, compared to the level in 2008.
- The industry is expected to decline further by 0.3% in 2013, due to low confidence among private investors and the restricted potential of the federal budget, as the government imposes specific austerity measures to control rising public debt.
- There has been an increase in the number of smaller households in the Czech Republic, owing to an increase in the number of people living without partners, an increase in the number of senior citizens, single-parent households, and a decline in the number of marriages. The number of single-person households grew by over 15% in the 1990s and is estimated to have increased by 10-20% per annum between 2001 and 2011. The rise in the number of smaller households is expected to increase demand for housing.
- The Czech Republic has plans to increase its usage of nuclear energy from 32% of total energy consumption in 2011 to over 50% by 2060. In accordance with the plan, two new nuclear power plants will be constructed, one each at Temelin and Dukovany, and further sites are expected to be identified in the coming years. The expansion plan is expected to drive infrastructure construction over the forecast period.
- The Czech Republic’s manufacturing sector is reliant on exports as a key source of revenue. The Eurozone crisis and slowdown in major global markets such as China and India resulted in a decline in investment in the sector during the review period, causing the manufacturing plants category to record a CAGR of -5.86%. However, an anticipated recovery in major European countries at the end of 2013 is expected to support the manufacturing sector to rebound and drive the growth of manufacturing plants construction over the forecast period to grow at a CAGR of 2.63%.
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- The Romanian personal accident and health insurance segment is small, accounting for just 2.3% of the total Romanian insurance industry’s gross written premium in 2012.
- Favorable demographic factors such as increased life expectancy and a growing urban population are expected to improve consumer confidence in, and accelerate demand for, health and travel insurance products over the forecast period.
- The Romanian government introduced the health insurance card in January 2013, which all Romanians aged over 18 years are expected to maintain.
- The implementation of Solvency II is likely to have little impact in Romania, as the industry consists primarily of smaller insurance providers which are expected to take quick measures to comply with its requirements.
- Consumer awareness plays a critical role in the development of the insurance industry and has been a key focus of the National Association of the Insurance and Reinsurance Companies (UNSAR).
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