Construction sector dips by 4.2%

Construction work at private sector sites recorded the highest drop in 2020.

The total gross value of construction work performed by main contractors in nominal terms dropped by 4.2% to $226.4b in 2020 from $234.2b in 2019, according to the latest government survey.

After discounting the effect of price changes, the total gross value of construction works performed by main contractors in 2020 decreased by 4.5% in real terms against 2019.

Construction works at private sectors recorded the highest drop in nominal terms in 2020 at 20% loss to $58.6b against $72.3b in 2019.

Meanwhile,construction works at the public sector was up by 12.3% to $70.4b compared to $61.9b in 2019

Analysed by major end-use groups, residential buildings projects accounted for the largest share in the total gross value of construction works performed at construction sites in 2020. The gross value of construction works performed in respect of these projects amounted to $49.8b in 2020, down by 22.3% in nominal terms compared with 2019.

Transport projects constituted the second largest group of construction site works in 2020. The gross value of construction works performed in respect of these projects totalled $34.6b in 2020, up by 30.6% in nominal terms compared with 2019.