Egypt’s construction sector set to see annual growth of 11.3% between 2019 and 2023
Construction in Egypt is set to expand by an average of 11.3% each year between 2019 and 2023, data and analytics company GlobalData predicts in its 3Q2019 Global Construction Outlook report. Construction is being driven by Cairo’s urban development program, which could involve building 23 new cities, said economist Yasmine Ghozzi. The urbanization drive comes as Egypt’s overall economic growth is expected to accelerate in the coming two years, fueled by a boom in natural gas production, a recovering tourism sector, and an ambitious renewable energy program.
MENA, sub-Saharan Africa will also see improved growth: Sectoral growth across the MENA region is expected to reach 4.9% by 2022-2023, up from the 3.3% growth forecast for 2019. If oil prices are relatively high, investment in infrastructure projects ― many related to transport ― will be a key driver of growth, with Saudi Arabia leading the pack. In sub-Saharan Africa, growth will also accelerate, with Ethiopia set to see a marked expansion in its construction industry and Nigeria maintaining steady growth.