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Construction will depend on Greek consumer confidence

Friday, August 9, 2019

Subject

Construction sector.

Significance

Before 2009, construction was a main driver of domestic economic growth. Subsequently, a sharp drop in residential building and a decline in public infrastructure spending reduced output to half the pre-crisis level.

Impacts

  • The lower participation of those up to 25 years old post-crisis is likely to lead to future skill shortages.
  • A drop in R&D investment and innovation will undermine construction firms’ future competitiveness.
  • The improved investment climate under the new government should support net FDI into real estate, after record levels in 2018.
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