Summary
Prior to the Coronavirus (COVID-19) outbreak, the Bulgarian construction industry expanded by 3.6% in 2019 in real terms, and an annual average of 3.2% over 2017-2019. However, the industry was affected by the disruptions caused by the COVID-19 outbreak and the subsequent containment measures, particularly in the second half of 2020. The industry contracted sharply in Q1 2021, with value add falling by 12.6% year on year (YoY) in the first quarter of 2021, according to the National Statistical Institute (NSI); this was preceded by year-on-year (Y-o-Y) growth of 1.7% in Q4, 0.7% in Q3 and a contraction of 7.4% in Q2 2020.
However, despite the weak start in the first quarter of the year, the construction industry is forecasted to recover in 2021, with growth of 1.2%. The government is aiming to increase its spending on the overall infrastructure sector, including in the energy and utilities sector, in order to stimulate the economy. The government’s target to increase the installed capacity for renewable generation in line with the EU's target of 32% by 2030 will facilitate investments in that sector, while the EU’s investment on the country’s railway infrastructure, during the period 2021-2027, will support the infrastructure sector’s output in the coming years.
Over the remainder of the forecast period, the industry is expected to grow at an annual average rate of 4.1% between 2022-2025. The industry’s output will be supported by investments in the infrastructure construction sector. In July 2020, the European Union (EU) announced an economic recovery package worth BGN59 billion (US$33.2 billion) for Bulgaria under the bloc’s long-term budget for the period of 2021-2027. The country will also receive BGN19.7 billion (US$11.9 billion) under the EU’s cohesion policy 2021-2027.
GlobalData’s Construction in Bulgaria - Key Trends and Opportunities to 2025 (H2 2021) report provides detailed market analysis, information, and insights into the Bulgarian construction industry, including -
- The Bulgarian 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 Bulgarian 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
This report provides a comprehensive analysis of the construction industry in Bulgaria. It provides -
- Historical (2016-2020) and forecast (2021-2025) valuations of the construction industry in Bulgaria, 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
Reasons to Buy
- Identify and evaluate market opportunities using GlobalData's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using GlobalData's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
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Table of Contents
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 COVID-19 Status
3.5 Risk Profile
4 Construction Outlook
4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
7 Appendix
7.1 What is this Report About?
7.2 Definitions
7.3 CRI Methodology
7.4 GlobalData Construction
Contact Us
List of Tables
Table 1: Construction Industry Key Data
Table 2: Bulgaria, Key Economic Indicators
Table 3: Bulgaria, Commercial Construction Output by Project Type (Real % Change), 2016-2025
Table 4: Bulgaria, Top Commercial Construction Projects by Value
Table 5: Bulgaria, Industrial Construction Output by Project Type (Real % Change), 2016-2025
Table 6: Bulgaria, Top Industrial Construction Projects by Value
Table 7: Bulgaria, Infrastructure Construction Output by Project Type (Real % Change), 2016-2025
Table 8: Bulgaria, Top Infrastructure Construction Projects by Value
Table 9: Bulgaria, Energy and Utilities Construction Output by Project Type (Real % Change), 2016-2025
Table 10: Bulgaria, Top Energy and Utilities Construction Projects by Value
Table 11: Bulgaria, Institutional Construction Output by Project Type (Real % Change), 2016-2025
Table 12: Bulgaria, Top Institutional Construction Projects by Value
Table 13: Bulgaria, Residential Construction Output by Project Type (Real % Change), 2016-2025
Table 14: Bulgaria, Top Residential Construction Projects by Value
Table 15: Bulgaria, Key Contractors
Table 16: Bulgaria, Key Consultants
Table 17: Bulgaria, Construction Output Value (Real, US$ Million)
Table 18: Bulgaria, Construction Output Value (Nominal, BGN Million)
Table 19: GlobalData Construction Market Definitions
Table 20: Risk Dimensions
Table 21: Ratings, Scores and Definitions
List of Figures
Figure 1: Eastern Europe, Construction Output (Real % Change), 2020 and 2021
Figure 2: Bulgaria, Construction Projects Pipeline by Sector (US$ Billion)
Figure 3: Bulgaria, COVID-19 Confirmed Cases
Figure 4: Bulgaria, Risk Summary
Figure 5: Bulgaria, Risk Regional Comparison
Figure 6: Bulgaria, Construction Output Value (Real, US$ Billion, 2017 Prices and Exchange Rate), 2016-2025
Figure 7: Bulgaria, Construction Output Value, by Sector (Real, US$ Million), 2016-2025
Figure 8: Bulgaria, Construction Value-Add (BGN Million, 2015 Prices), YoY % Change
Figure 9: Bulgaria, Construction Production Index (Unadjusted, 2015=100)
Figure 10: Bulgaria, Gross Fixed Capital Formation (BGN Million, Current Prices), YoY % Change
Figure 11: Bulgaria, Loans Awarded to The Construction Industry, In BGN Million, YoY % Change
Figure 12: Bulgaria, Construction Projects Momentum Index
Figure 13: Bulgaria, Commercial Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 14: Bulgaria, Commercial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 15: Bulgaria, Overnight Stays (In Number), in thousands, YoY % Change
Figure 16: Bulgaria, Wholesale and Retail Trade Value-Add (BGN Million, 2015 Prices), YoY % Change
Figure 17: Bulgaria, Industrial Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 18: Bulgaria, Industrial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 19: Bulgaria, Industrial and Manufacturing Production Indices, (Unadjusted, 2015=100), YoY % Change
Figure 20: Bulgaria, Exports (BGN Billion), YoY % Change
Figure 21: Bulgaria, Infrastructure Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 22: Bulgaria, Infrastructure Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 23: Bulgaria, Energy and Utilities Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 24: Bulgaria, Energy and Utilities Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 25: Bulgaria, Institutional Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 26: Bulgaria, Institutional Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 27: Bulgaria, Administrative Building Permits (Gross Building Area - In 1,000m2), YoY % Change
Figure 28: Bulgaria, Residential Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 29: Bulgaria, Residential Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 30: Bulgaria, Real estate Value-Add (BHD Million, 2015 prices), YoY % Change
Figure 31: Bulgaria, Residential Building Permits (Gross Building Area - In 1,000m2), YoY % Change
Figure 32: Bulgaria, House Price Index (2015=100)
Figure 33: Bulgaria, Loans Awarded for Real Estate Operations, In BGN Million, YoY % Change
Figure 34: Bulgaria, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 35: Bulgaria, Headquarters of Key Consultants (% of Total Project Pipeline)
