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Iraq Infrastructure Report Q1 2012
Market |
Construction |
Report Type |
Market Research |
Country |
Iraq |
Published |
31 January 2012 |
Number of Pages |
65 |
Download |
|
Immediate |
|
Publisher |
Business Monitor International |
File Format |
- |
The price of this market report covers 4 quarterly reports on this sector. This quarterly report will be downloadable instantly as a PDF document, with the 3 remaining reports delivered at regular intervals throughout the year.
Irans reconstruction has resulted in significant contract awards, with US$124bn of projects currently underway or in the pipeline. However, cracks are showing in the countrys business environment, as weak bureaucracy threatens to undermine progress in projects. In addition, questions over the governments ability to coordinate and afford funds raise doubts over our medium-term optimistic forecast, with annual average growth of 8.7% currently anticipated between 2012 and 2016.
A huge project pipeline supported by infrastructure and housing projects has resulted in our strong growth outlook for Iraqs construction industry. There is even further upside to this figure if the cabinets US$37bn infrastructure programme is approved by the countrys government.
Over the short-term, significant contract awards in 2010 and H111 should drive strong activity, with 2011 real growth estimated at 11.9%. However, we expect that the disintegration of a number of large contracts could dampen growth in 2012, and forecast a slight slowdown to 8.2%. This trend illustrates our concerns over Iraqs infrastructure sector, which stems primarily from a poor business environment and the governments weak fiscal position:
• The countrys business environment continues to present fundamental weaknesses, with its institutions fundamentally flawed. The award of two sizeable electricity contracts to two sham companies cast doubt on the governments ability to award contracts and carry out due diligence.
• The governments ability to invest in infrastructure is weakened by the delay in oil and gas production. With much-needed revenue tied up, the governments fiscal position is not looking very liquid and the private sector is unlikely to take on the burden as a result of weak regulations and a lack of government stability.
Irans reconstruction has resulted in significant contract awards, with US$124bn of projects currently underway or in the pipeline. However, cracks are showing in the countrys business environment, as weak bureaucracy threatens to undermine progress in projects. In addition, questions over the governments ability to coordinate and afford funds raise doubts over our medium-term optimistic forecast, with annual average growth of 8.7% currently anticipated between 2012 and 2016.
A huge project pipeline supported by infrastructure and housing projects has resulted in our strong growth outlook for Iraqs construction industry. There is even further upside to this figure if the cabinets US$37bn infrastructure programme is approved by the countrys government.
Over the short-term, significant contract awards in 2010 and H111 should drive strong activity, with 2011 real growth estimated at 11.9%. However, we expect that the disintegration of a number of large contracts could dampen growth in 2012, and forecast a slight slowdown to 8.2%. This trend illustrates our concerns over Iraqs infrastructure sector, which stems primarily from a poor business environment and the governments weak fiscal position:
• The countrys business environment continues to present fundamental weaknesses, with its institutions fundamentally flawed. The award of two sizeable electricity contracts to two sham companies cast doubt on the governments ability to award contracts and carry out due diligence.
• The governments ability to invest in infrastructure is weakened by the delay in oil and gas production. With much-needed revenue tied up, the governments fiscal position is not looking very liquid and the private sector is unlikely to take on the burden as a result of weak regulations and a lack of government stability.
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