Gov’t Approved Over US$7.7 billion in Construction Projects During 2020, Down by 32% Y-o-Y

• 19 April 2021
• Uncategorized
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A recent report by the Ministry of Economy and Finance has shown that the value of approved construction projects during 2020 was recorded at US$7.7 billion, down 32% compared to 2019.

The report added the total area of the approved projects is about 17 million square metres, which was also a decrease of 27%.

The ministry did not specify the total number of projects approved but forecasted that the sector will grow by 2.9% in 2021 and about 7.8% by 2022.

Meanwhile, the value of construction material imports in 2020 also decreased by 7.3% compared to 2019 to only US$1 billion, according to the Ministry of Commerce. (Read more)

Of all construction materials, steel imports fell by 27.52% while the value of cement imports dropped sharply by 48.59%.

According to a World Bank report issued in November, the decline was because some large development projects, especially high-rise commercial and residential buildings, were put on hold. (Read more)