DUBLIN--(BUSINESS WIRE)--The "Construction in Iraq - Key Trends and Opportunities (H1 2021)" report has been added to ResearchAndMarkets.com's offering.
Iraq's construction industry plummeted by 40.2% in real terms in 2020, due to the outbreak of the Coronavirus (COVID-19) pandemic and the subsequent containment measures imposed to contain the spread.
In March 2020, the government declared that the pandemic constituted an event of force majeure for all projects and contracts, but this move weighed on projects' progress. In addition to this, the construction industry's output in 2020 was affected by volatile oil prices, a decline in oil production in line with the country's compliance with OPEC+ agreement and a fall in non-oil output.
Iraq depends heavily on oil revenues, with the oil and gas sector accounting for over 90% of the government's revenue. With falling government revenues, the progress on public projects was affected heavily last year.
The industry is expected to rebound in 2021, with growth of 18.1%, although this high growth mostly reflects the very low base in 2020. The industry's growth this year will be supported by an improvement in oil prices and oil production. According to the 2021 Budget, the government expects an oil price of IQD53,190 (US$45) per barrel, and oil exports of 3.3 million barrels per day (bpd) in 2021.
In addition to this, the government also plans to attract private investors and Foreign Direct Investment (FDI) to ease the financial burden on the public sector. A downside risk to the construction industry's outlook, however, arises from a troubled political landscape in the country, amid anti-government protests over concerns of corruption, employment opportunities and deteriorating public security.
The industry is expected to register annual growth in the range of 5-7% between 2022-2025, supported by investments on transport, oil, electricity, education and housing infrastructure projects. In January 2021, Iraq awarded projects worth IQD23.6 trillion (US$20 billion) to a consortium of Chinese companies. The country is also seeking international investors to build solar projects with a combined capacity of 750MW, in line with its aims to build 10GW of solar projects by 2030.
This report provides detailed market analysis, information and insights into Iraq's construction industry, including:
- Iraq's construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Iraq's construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
Scope
- Historical (2016-2020) and forecast (2021-2025) valuations of the construction industry in Iraq, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
Key Topics Covered:
1 Construction Outlook
2 Construction Industry: At-a-Glance
3 Latest news and developments
4 Project Analytics
5 Construction Market Data
6 Risk Profile
For more information about this report visit https://www.researchandmarkets.com/r/p400au
