Greece Infrastructure Report Q1 2014
According to the Hellenic Statistic Authority (ELSTAT), building activity in August 2013 contracted by 31% year-on-year (y-o-y) and we have revised our 10-year forecasts in line with the newly released data. The Greek construction industry experienced yet another year of contraction in 2013 and we do not expect a tentative recovery before 2017. Throughout 2013 and 2014 the downturn is (and will be) evident in both the housing and infrastructure segments, as progress slows on private residential construction and government-sponsored public projects. In line with our overall view about existing projects facing significant delays and funding issues, we see little scope for a quick rebound in the construction industry during our 10-year forecast period.