Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Lithuania Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
Lithuania's construction industry expanded by 6.9% in real terms in 2023, and is forecast to register an average annual growth of 2.7% from 2024 to 2027, supported by rising foreign direct investment (FDI) in the country, coupled with investments in transport, electricity, industrial, and housing sectors.
According to the Official Statistics Portal (OSP), FDI in the country rose by 10.7% year-on-year (YoY) in the first half of 2023 (H1), following an overall annual growth of 11.8% in 2022. In October 2023, the Lithuanian government approved the Ministry of Finance's draft budget for 2024. The government's expenditure is expected to grow by 7.9% in 2024, to EUR20.5 billion ($20.9 billion). As part of the latest budget, the government allocated EUR3.2 billion ($3.3 billion) for investment in various areas. In 2024, budget revenue is expected to rise by 9.4%, to EUR17 billion ($17.4 billion). Moreover, EU and other financial assistance will increase by 14.6%, to EUR2.49 billion ($2.54 billion) in 2024.
The industry's growth over the medium to long terms will be supported by the government's focus on reducing greenhouse gas (GHG) emissions and becoming net zero by 2050. In October 2023, the EU approved EUR199.8 million ($204 million) as a support scheme for Lithuania's offshore wind farms, to support the country's transition towards a net-zero economy. Previously, in September 2023, the Lithuanian renewable energy company Green Genius announced a plan to invest EUR70 million ($71.5 million) on the construction of a solar power plant in Seduva. Construction of the plant will begin in mid-2024, with operations commencing in 2025.
The report provides detailed market analysis, information and insights into Lithuania's construction industry, including:
- Lithuania'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 Lithuania'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 Lithuania. It provides -
- Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Lithuania, 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:
- Executive Summary
- Construction Industry: At-a-Glance
- Latest news and developments
- Project analytics
- Construction Market Data
- Risk Profile
For more information about this report visit https://www.researchandmarkets.com/r/tf56ol
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