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• Create Date September 30, 2024
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Quarterly Financial Statistics Construction June 2024

While information related to gross fixed capital formation estimates for the second quarter of 2024 on construction investment has already been released with the release of the GDP estimates, the quarterly financial statistics released for June 2024 includes more detailed financial information on various sectors in the economy, including construction, that are important indicators for the sector.  It also provides a breakdown between large, medium and smaller players in the sector. The dataset includes 13 years historical data (from March 2010 - June 2024).  This dataset also provides a clearer view on actual turnover in the construction industry, as it excludes the contribution of imported machinery and equipment that is included in the gross fixed capital formation estimates.

Contradictory to GFCF estimates released for Construction Investment, turnover in the construction sector increased by the strongest pace in 4 quarters, supported largely by medium size contractors. However, although medium size contractors recorded double digit year-on-year growth in the second quarter, it came at a cost, due to tough competition, that resulted in an average loss of -4.7 percent, against an industry average margin of 3.2 percent, an improvement from the previous quarter, but still below the 2023 average.  Profits remain under pressure, but larger contractors have started increasing expenditure on the leasing and hiring of equipment, suggesting increased activity.

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