Decline in overseas construction projects
From January to March 2019, 40 contracting projects were undertaken, one of the most ambitious sectors in Turkey. According to the data from the Ministry of Commerce, the total amount of projects undertaken in the first quarter of 2019 was $1.3 billion. The number of projects undertaken in the same period last year was 32, totaling $3.4 billion. As of March 2019, the number of projects undertaken since 1972 has reached 9,669. Turkish contractors undertook 295 projects abroad in 2017 and 287 projects in 2018.
Turkey Contractors Association announced last year that 2019 will be the year for the 10,000th project. That may be difficult considering the slowdown in the secotr. When the global envi
ronment was favorable, the number of projects undertaken annually ranged from 400-600.
According to the evaluation of the Ministry of Commerce, the global construction sector is estimated to grow by 3.9 and reach $17.5 trillion by 2030. The January to March period shows an acceleration in the number of undertaking projects abroad. A decline was seen after 2013 in parallel with the decline in Turkey’s traditional sectors due to lower oil prices after the global crisis. But according to the Ministry’s data, as of 2018 the trend is moving upward again.
The evaluation note of the ministry pointed out that construction business also affects construction material exports, worth $20.7 billion in 2018.