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Greece Infrastructure Report Q1 2012
Business Monitor International, Jan 2012, Pages: 89
Greece Infrastructure Report provides industry professionals and strategists, corporate analysts, infrastructure associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Greece's infrastructure industry.
Greece’s ongoing economic crisis has continued to have a considerably negative effect on the country’s construction sector and infrastructure developments. As the crisis has intensified, a number of infrastructure projects have been scrapped or delayed, as public and private funding has been harder to come by. BMI expects Greece’s construction industry to decline by 18.5% in 2011, and 1.1% in 2012, with growth unlikely to return until 2016.
The past quarter has seen some development in infrastructure projects and government strategy:
- By 2016, Greece plans to privatise EUR50bn in state assets, as part of an EU-backed bailout. In particular, this privatisation is expected to affect the infrastructure sector. In September 2011, the government began the process of selling shares in Greece’s toll roads; eight roads will be privatised as part of the privatisation programme.
- In June 2011, the deadline for awarding the contract for the development of Kastelli Airport was pushed back for a fifth time. While some have suggested that the delay has been caused by lack of public funding, Greece’s deputy infrastructure minister has insisted that the postponement will allow parties to assess the feasibility of the development. Additionally, despite funding problems, the Greek government has also expressed an interest in developing the country’s road network.
- There has been some development in the renewable energy sector in recent months. Most notably, the announcement of Project Helios, which will see Germany develop a 10GW photovoltaic region in Crete. The site will generate energy for export to Northern Europe, creating 60,000 jobs in Greece. Early reports indicate that 10GW will be installed by 2020.
On a positive note, recent months have seen Germany and China confirm their interest in investing in Greek infrastructure. BMI has highlighted the potential for investment in the country’s energy sector, particularly with regard to renewable energy. However, our forecasts indicate that the segment will continue to account for around 30% of Greece’s infrastructure industry. While foreign investment in Greece’s infrastructure and construction industry will not provide an immediate fix to the country’s deeprooted economic problems, such development would provide stability in the long-term.
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