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Lithuania construction market: Sharp fall of -15.5% witnessed between 2008-2012

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Construction in Lithuania - Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-04-23 21:51:03
The Lithuanian construction industry recorded a CAGR of -15.50% during the review period (2008−2012). The housing market contracted in 2009 as interest rates began to rise and banks tightened their lending conditions. Deflation in the property sector was one of the key factors in the decline in domestic demand and contributed to the country´s economic contraction of 15% in 2009.

Infrastructure investment supported the construction industry during the financial crisis, recording the lowest decline of all construction markets during the review period at a CAGR of -6.43%. It is expected that the Lithuanian construction industry to record a CAGR of 3.52% over the forecast period (2012−2017).

The demand for class B office buildings remains higher than that of class A buildings. Only Vilnius, Lithuania´s capital city and the largest market for office buildings in the country saw new office space development in 2012, with seven new projects coming to the market. Kaunas and Klaipeda, Lithuania´s other two large cities have witnessed very little office space development since the economic crisis. Developers are hesitant to start construction on major projects without securing pre-let contracts.

Declining demand for exports, low domestic consumption rates and banks tightening lending amid an increasing volume of non-performing loans negatively affected the industrial sector´s growth during 2008−2010. Lithuanian exports increased by 14.5% and were a key factor in the country´s economic growth in 2012. Industrial production output in 2012 exceeded 2008 levels by 1.1% and 2011 levels by 3.7%. Highly-skilled, low-cost labor compared to Western Europe provides the nation with a competitive advantage.

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