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Construction in Angola - Key Trends and Opportunities to 2025 (H2 2021)

Construction in Angola - Key Trends and Opportunities to 2025 (H2 2021)

  • August 2021
  • 49 pages
  • ID: 6129891
  • Format: PDF
  • GlobalData

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Construction in Angola - Key Trends and Opportunities to 2025 (H2 2021)

Summary
Angola’s construction industry was severely affected in 2020, owing to the impact of the Coronavirus (COVID-19) pandemic on the progress of construction works, coupled with capital spending cuts and a fall in oil prices. According to the Instituto Nacional de Estatística (INE), the construction industry’s value-add declined by 41.4% year on year (YoY) in Q4; preceded by Y-o-Y declines of 37.1% in Q3 and 37.1% in Q2 2020. On the whole, Angola’s construction industry fell by 25.6% in real terms in 2020, following an annual growth of 5.1% in 2019. The industry’s output value, measured at constant 2017 US dollar exchange rates, decreased from US$25.3 billion in 2019 to US$18.8 billion in 2020.

The analyst expects the country’s construction industry to rebound this year, following a difficult 2020 for the industry; the expected improvement in economic conditions, supported by an upturn in confidence amid the vaccine rollout, will support growth in the industry. Thus, Angola’s construction industry is expected to grow by 3.6% in real terms in 2021.

Over the remainder of the forecast period, the industry is expected to register an annual average growth rate of 7.3% between 2022-2025, supported by investments in energy, transport, and mining infrastructure projects. The government targets increasing electricity access from 40% of the population in 2018 to 60% by 2025. To that end, it plans to generate 800MW of power from renewable energy sources by that year. In addition, the government’s focus on developing new free trade zones (FTZs), to improve the business environment and attract foreign direct investment, is expected to support the industry’s growth over the forecast period.

In December 2020, the parliament approved the General State Budget for 2021, which focuses on consolidating macroeconomic stability and reviving the economy. The budget includes a planned expenditure of AOA8.9 trillion (US$17.4 billion) in 2021 - 20.3% higher than the revised budget of 2020, equivalent to AOA7.4 trillion (US$15.5 billion). To combat poverty and enhance social inclusion, the government has allocated 39.5% of the latest budget towards social spending. In the coming years, the government will focus on improving the business sector, partly through a privatization program, with initial public offerings expected to commence in 2021. The government expects to receive revenue of AOA7.9 trillion (US$15.4 billion) in 2021, partly due to a notable uptick in tax inflows as the oil sector recovers. The projections are based on an oil price assumption of AOA20,000 (US$39 per barrel) this year. Overall, the government expects a fiscal deficit of 2.2% of GDP in 2021, which indicates a narrower shortfall compared to that of 4% of GDP in 2020.

This report provides detailed market analysis, information, and insights into Angola’s construction industry, including -
- Angola’s construction industry’s growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Angola’s construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Scope
This report provides a comprehensive analysis of the construction industry in Angola.

It provides -
- Historical (2016-2020) and forecast (2021-2025) valuations of the construction industry in Angola, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants

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