The report
“Construction in Slovakia – Key Trends and
Opportunities to 2017” by Timetric
is now available at RnRMarketResearch.com. Contact sales@rnrmarketresearch.com with report name in subject line
and your contact details to purchase this report or get your questions
answered.
Total
turnover in the construction industry valued EUR7.7 billion in 2012,
representing a 15.2% decline in real terms over 2011. As the Eurozone crisis
worsened, economic conditions in Slovakia also deteriorated, resulting in a
decline in demand for construction.
In 2012,
employment in the construction industry totaled 165,300 persons, a decrease of
-4.5% compared with figures in 2011, while labor productivity (output per
employed person) in the industry declined by -8.4% compared with 2011. During
the same period, the average monthly nominal wage in the construction industry
increased by 0.7%, to EUR607.
In 2012,
most construction activities were carried out by tradesmen (self-employed
persons), who accounted for 36.7% of the total construction output. Enterprises
with 50-249 employees accounted for a 17.2% share of the output, followed by
enterprises with more than 500 employees (16.4%), enterprises with 0-19
employees (15.9%), enterprises with 20-49 employees (10.3%) and enterprises
with 250-499 employees (3.5%).
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In its 2013 budget, the government of Slovakia announced a number of
austerity measures affecting companies and individuals. It raised tax for
individuals with a monthly income of more than EUR3,300 (US$4,300) from 19% to
25%, and increased tax on corporate earnings to 23%. These measures weaken
investor confidence and hinder prospects for growth in the country’s commercial
and residential construction markets.
In January 2013, Slovakia made amendments to the act on the energy efficiency
of buildings. According to the amendments, every building should have an energy
performance certificate and minimum efficiency requirements were put in place
for all buildings. These requirements previously only applied to buildings with
a surface area of more than 1,000m2. The government also introduced
subsidies to developers to increase the construction of energy-efficient
buildings. These measures are expected to drive the demand and supply of
sustainable buildings over the next five years.
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The construction industry’s reliance on automobile manufacturing has
left it exposed to a slump in demand for new cars, both domestically and in
export markets. Without new investments in alternative industries, the
industrial construction market risks struggling to regain growth momentum.
Slovakia’s strategic location in central Europe facilitates the flow of
goods between the north-south and east-west corridors, meaning there is a need
to develop transport infrastructure in the country. As a member of the EU,
Slovakia has received significant funding from the regional body for the
upgrade and modernization of its infrastructure. The European Commission
allocated EUR3.8 billion for the development of transport infrastructure for
the period 2007-2013.
Prospects for Slovakia’s residential construction market are bleak.
Buyers are constrained by government measures to increase income tax, while the
rising unemployment rate, which was close to 15% in the first quarter of 2013,
has further dampened buyer sentiment. Developers have subsequently reduced
their activities.
Reasons
to buy:
- Increase your knowledge of the Slovakian construction industry.
- Minimize the business risks you may face within this market.
- Obtain a better understanding of the key drivers within this
industry.
- Gain a clear understanding of market opportunities and entry
strategies to gain or grow your market share in the Slovakian construction
industry.
- Receive the information needed to gain a greater understanding of the
competitive landscape of the Slovakian construction industry.
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report copy @ http://www.rnrmarketresearch.com/contacts/purchase?rname=131312
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