Estonia Construction Market Size, Trends and Forecasts Report 2022: Growth Rates… – Press Release


The “Estonia Construction Market Size, Trends and Forecasts by Sector – Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2022-2026” report has been added to ResearchAndMarkets.com’s offering.

The construction industry in Estonia grew by an estimated 6% in real terms in 2021, following an expansion of 3.6% in 2020, driven by government investment into the development of transport infrastructure, residential, and utilities construction projects. According to Statistics Estonia, the industry’s value add expanded by 6.4% year on year (YoY) in the first three quarters of 2021.

The publisher currently expects the Estonian construction industry to expand by 4% in real terms in 2022, before growing at an annual average rate of 5.3% from 2023 to 2026, supported by the government’s focus on further developing the country’s energy and transport infrastructure.

However, owing to the outbreak of war in Ukraine, the Estonian economy faces severe uncertainty over the coming months, as the fallout from the Russian invasion of Ukraine is likely to weaken investor confidence in neighboring countries.

Moreover, further escalation of the conflict could result in Russian forces targeting the Baltic states, a concern which has prompted a rapid build-up of NATO troops in Estonia, Latvia, and Lithuania to protect the region’s security. Forecasted growth rates are therefore likely to be revised depending on the how the conflict unfolds over the following weeks and months.

As it stands, the government plans to invest EUR96 million ($113.5 million) to develop and upgrade public transport infrastructure in 2022. In October 2021, the European Commission allocated EUR969.3 million ($1.1 billion) from the European Union (EU)’s recovery and resilience plan to Estonia, intended to support investments and reforms under the Recovery and Resilience Facility (RRF) of the EU.

Moreover, in December 2021, the Estonian parliament…