Slovakia Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027
Summary
The construction industry in Slovakia is expected to grow by 6.1% in real terms in 2023, but the short-term outlook is fairly gloomy. According to the Statistical Office of the Slovak Republic (SOS), the Slovakian construction industry’s value add grew by 23.8% year on year (YoY) in Q1 2023, preceded by Y-o-Y growth of 1.1% in Q4 and 6.4% in Q3 2022, but the pace of growth will slow sharply in the coming quarters, and GlobalData expects the Slovakia’s construction industry to record an annual decline of 1.9% in 2024. The weak outlook reflects challenging economic headwinds and also a sharp decline recorded in the total floor area permits for the construction of buildings. According to Eurostat, the floor area permits for the construction of new buildings in the country declined by 44.6% YoY in Q1 2023, preceded by an annual decline of 8% in 2022. Moreover, the construction producer cost index for new residential buildings rose by 14.9% in H1 2023, preceded by an increase of 21.7% in 2022 and 5.1% in 2021, according to Eurostat. In addition, the persistence of high construction material and component prices might weigh upon the construction activities. According to the SOS, the average index measuring construction material and component prices jumped by 7% in the first half of 2023, preceded by an increase of 22.5% in 2022.
The Slovakian construction industry is expected to pick up again from 2025, posting an average annual growth rate of 3.8% from 2025 to 2027, supported by investments in renewable energy projects and transport infrastructure, bolstered by European Union (EU) recovery funds. In July 2023, the European Commission approved the country’s modified Recovery and Resilience Facility (RRF) worth EUR6.4 billion ($6.5 billion) in grants, compared with previous plan of EUR6 billion ($6.1 billion) grant. In February 2023, the EU endorsed Slovakia's request for EUR709 million ($724 million) in grants, following EUR399 million ($407.5 million) disbursed in July 2022 and EUR823 million ($840.4 million) in October 2021. According to the modified plan, the total amount allocated to the renewable energy sector increased from 42% in June 2021 to 46% in July 2023. The modified plan also includes modernization of electricity grids, construction of a data centre and investment in digital transition.
The report provides detailed market analysis, information and insights into the Slovakia construction industry, including -
- Slovakia’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 Slovakia’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.
This report provides a comprehensive analysis of the construction industry in Slovakia. It provides -
- 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.
- 1 Executive Summary
- 2 Construction Industry: At-a-Glance
- 3 Latest news and developments
- 4 Project analytics
- 5 Construction Market Data
- 6 Risk Profile
- 7 Appendix
- 8 About GlobalData
- 9 Contact Us
- List of Tables
- Table 1: Construction Industry Key Data
- Table 2: Slovakia, Top Residential Construction Projects by Value
- Table 3: Slovakia, Construction Output Value (Real, $ Million)
- Table 4: Slovakia, Construction Output Value (Nominal, EUR Million)
- Table 5: GlobalData Construction Market Definitions
- Table 6: Risk Dimensions
- Table 7: Ratings, Scores and Definitions
- List of Figures
- Figure 1: Slovakia, Construction Output Value (Real, $ Million, 2017 Prices and Exchange Rate), 2018–27
- Figure 2: Slovakia, Construction Output Value, by Sector (Real, $ Million), 2018–27
- Figure 3: Eastern Europe, Construction Output (Real % Change), 2021–27
- Figure 4: Slovakia, Construction Output by Sector (Real % Change), 2021–23 and 2024–27
- Figure 5: Slovakia, Construction Value Add, EUR Million, 2015 Chained Prices
- Figure 6: Slovakia, Construction Production Index (2015=100)
- Figure 7: Slovakia, Construction Materials and Components Price Indices, 2015=100
- Figure 8: Slovakia, Gross Fixed Capital Formation (EUR Million, Constant Prices)
- Figure 9: Slovakia, Real Estate Value Add (EUR Million, 2015 Chained Prices)
- Figure 10: Slovakia, Construction Producer Price Index for New Residential Buildings, 2015=100
- Figure 11: Slovakia, New Orders in Industry (EUR Million)
- Figure 12: Slovakia, Total Merchandise Exports (EUR Billion)
- Figure 13: Slovakia, Number of Nights Spent by Visitors in Accommodation Establishments, In Thousands
- Figure 14: Slovakia, Construction Retail Trade Turnover Index (2015=100)
- Figure 15: Slovakia, Manufacturing Value Add (EUR Million, 2015 Chained Prices)
- Figure 16: Slovakia, Institutional Value Add (EUR Million, 2015 Chained Prices)
- Figure 17: Slovakia, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 18: Slovakia, Risk Summary
- Figure 19: Slovakia, Risk Regional Comparison
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook