Sunday, September 22, 2013

Construction sector yet to recover

The construction sector has yet to recover from the collapse in the aftermath of the global crisis. For this year through August, construction activity declined by close to 11 percent when compared to the same period in the previous year. It stood at USD 471 million, compared to a peek of near 3 billion in 2008.
The economy has been recovering at a rate that surpasses those experienced by a number of European and developed economies; 3.8 percent growth rate year through August. Yet this rate is well below the experience prior to the crisis. Can the economy recover and grow at its past trajectory without the recovery of the construction sector?