"Estonia Infrastructure Report 2014" Published

From: Fast Market Research, Inc.
Published: Wed Feb 12 2014

BMI Industry View

BMI View: Improving optimism in the private household sector and the consequent rebound in the residential and non-residential building segment will help drive average growth of 3.8% year-on-year (y-oy) in the Estonian construction sector between 2014 and 2023. Meanwhile, the contribution of the infrastructure sub-sector in the overall construction industry value growth will be negligible as dearth of government funding will limit transport and energy projects in the country.

Our core view for the Estonian residential and non-residential construction sub-sector envisages growth averaging over 5% y-o-y between 2014 and 2023, which will help the sub-sector account for 74.7% of the total construction industry value by the end of the forecast period - compared with its share of 66.1% in 2013. Although business confidence is still relatively weak - owing to cautious recovery in the eurozone, there is significant optimism in the household sector. The number of construction permits approved in the residential sector accordingly grew by 10.6% y-o-y during the first three quarters of 2013, while that for non-residential construction was down over 6%. However, growth in the residential and non-residential construction sub-sector will come at the expense of a fall in infrastructure market value as percentage of the overall construction industry, down from 33.9% in 2013 to 25.3% by 2023.

Full Report Details at
- http://www.fastmr.com/prod/768354_estonia_infrastructure_report_2014.aspx?afid=303

Key developments in the sector included:

* The Rail Baltica project, which will connect Estonia to Poland, Finland and its other Baltic neighbours, is moving ahead, albeit with significant delays. The first stage of the project was due to be completed in 2013, but the tender for the implementation of the project was awarded to Estonia's Skinest Rail only in September 2013. Moreover, disputes regarding the inclusion of Vilnius in the Lithuanian part of the project.were resolved in October 2013.
The supervisory board of the Estonian port of Tallinn extended the deadline for a period of 12 months until July 2014 to complete the Muuga container terminal. The deadline extension proposal was submitted by Rail Garant Estonia, the developer of the terminal, after several issues related to legal disputes hampered the development process. The inauguration of the new facility is likely to increase the turnover of containers moving through the port of Tallinn by two times to up to 500,000 twenty-foot equivalent units annually, according to the port.

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