About 70 million m2 of housing space to be activated in Russia in 2014

Since 2012, the Russian construction industry has witnessed a considerable slowdown. As indicated by the results of PMR’s latest report, entitled “Construction sector in Russia H2 2014. Development forecasts for 2015-2020”, Russian construction output contracted by 1.5% year on year in 2013, after the 2.4% expansion achieved a year before. Furthermore, during the first eight months of 2014 the downward trend continued in the industry, with a 3.1% year-on-year contraction.
Among the key factors contributing to the decline in construction activity in the last few years was the modest economic growth, with the GDP growth rate falling to 1.3% in 2013 from 3.4% a year earlier and expected to increase by only 0.3-0.5% in 2014. Another deterring factor has been the lack of growth in fixed capital investments, which underwent a 0.2% year-on-year decline in 2013, with a more severe contraction (-2.8%) in the first half of 2014.

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