Contradicting the 3 percent y-y nominal decline in Gross Fixed Capital Formation (GFCF) estimates for the 4th quarter of 2024, construction turnover recorded a stellar performance in the last quarter of 2024, with robust growth within the larger and medium size enterprises, while challenges remain within smaller contracting enterprises. This does not mean that margins have improved, given the high levels of competition that persists in the industy. Margins for the larger enterprises averaged below 2 percent, with an average loss reported by medium size companies. Although smaller enterprises are reporting lower turnover levels, margins remain healthy.
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