Construction industry in Russia to resume growth in 2016
In 2014 the industry’s growth performance deteriorated significantly. According to PMR, the key factors contributing to the decline in construction activity in the last few years are: - Weak economic growth, with the GDP growth rate falling to 0.6% in 2014 from 1.3% a year earlier and expected to contract more than 3% in 2015. - Lack of growth in fixed capital investments, which underwent a 2.7% year-on-year decline in 2014, following a weak 0.8% growth recorded a year before. This indicator expanded by 10.8% and 6.8% in 2011 and 2012, respectively. Among the key factors that contributed to the decline in fixed capital investments in 2014 were the rouble’s double-figure devaluation, which has made imports significantly more expensive, the sharply deteriorating macroeconomic performances in Russia and negative revisions for economic development in the near future.
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