Investor Presentaiton
Level (H-P)
Business confidence on an expansionary phase; housing market and
construction activity remained resilient during the pandemic
Business confidence recorded the highest performance
since the beginning of the pandemic
2.5
Downswing
2.0
1.5
Industry
1.0
Construction
ESI
Services
ESI
Industry
0.5
Retail Trade
Retail Trade
0.0
Retail Trade
Construction
-0.5
ESI
Industry
-1.0
-1.5
Services
Contraction
-0.3
-0.2
-0.1
0.0
0.1
m-o-m change
0.2
0.3
during 2021-2022
40%
House prices growth dynamics remained resilient, despite
the heavy toll of the pandemic
10%
Expansion
Construction
5%
Services
0%
-5%
-10%
2015
2016
0.4
Upswing
0.5
0.6
2017
2019
Private Building Activity (Volume in thous. m3), rhs
House Prices, Ihs
% annual changes
||
IV I
2018
60%
40%
20%
0%
-20%
-40%
-60%
II III IV
2020
2021
Pre-pandemic environment (Jan-Feb 2020) ▲ Beginning of tourism season 2020 (Jun - Jul 2020) July 2021
Investment in construction is expected to climb sharply
20%
0%
-20%
-40%
2005
2006
2007
2008
Non-residential construction, rhs
Residential construction, rhs
Investment in construction (% annual change)
Sources: Bank of Greece, IOBE, Eurostat, ELSTAT, European Commission (2021 Spring Economic Forecast)
in bn €
40
22.6%
30
20.6%
20
2014
2015
2016
2017
2018
2019
2020
2021f
2022f
Residential Investment, rhs
10
0
■ Business confidence in all sectors of the economy is in an expansionary phase
in July 2021, with business expectations in construction recording their highest
performance (148.6 units) since April 2000.
Despite the heavy toll of the pandemic on economic activity, house prices
remained resilient, growing by 4.3% in 2020, while, in Q1 2021, house prices
continued to rise by 3.2% y-o-y.
Despite the pandemic crisis, the upward trend of investment in construction
continued last year, having lost, only to a small extent, its growth dynamics.
According to 2021 EC Spring Economic Forecasts, investment in construction is
expected to increase sharply in 2021 and 2022.
23
ALPHA
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