Construction activity continues at a high level, driven by residential developments and tourism-related projects. Strong demand, particularly in coastal and northern resort areas, has sustained momentum despite rising input costs.
Labour shortages and material price volatility remain key constraints. Developers increasingly phase projects to manage cash flow and risk. Financing conditions have tightened, favouring well-capitalized players.
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Construction’s resilience supports short-term growth but also amplifies exposure to cyclical risk if demand softens.
