Gleeds Construction Consultancy has indicated that the construction sector in Egypt has grown by 2% in the last quarter of this year. The growth is despite an increase in prices of steel, reinforcement steel and mixed concrete which short by over 6%.
Further, prices for construction materials in Egypt are expected to realize a 5-10% growth in the third quarter of this year.
The construction sector in the country had realized a growth of 10% in 2008 and 2009. This year, changes in taxes, duties, and increased energy costs were expected to lead into increased cement prices.
Any economic pressures are expected to lead to slowing of the construction sector and increase in prices. Already, reports indicate a weakening currency against foreign currencies.
However, there is hope for the economic situation in Egypt because the country receives support from Gulf countries.
Construction represents one of the most active sectors in Egyptian economies, with earlier reports indicating that it could account for 7% of GDP.
