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Russia Construction Costs

Russian voters gave President Putin big win in late March, almost 70% of the electorate vote to give him his 4th term as President. It is hard to anticipate at this time the impact of his election will have on the Russian construction sector. Recent accusations by the UK Government of a poisoning incident in the UK has still to play out.

Russia recently became the leading oil producer, producing more than ten million barrels a day, leapfrogging over Saudi Arabia. The Russian GDP forecast for 1st half of 2018 is 1.8%, which is a slight improvement from a year ago. The Russian economy is expected to improve modestly in the 1st half of 2018 and of course this will positively impact construction activity. Falling oil revenues and trade restrictions from the European Union and the USA over the Ukraine situation has been a drag on the Russian construction sector: Unemployment in the construction industry is somewhere between 10% and 12%. Construction inflation in the 1st half of 2018 is forecast to be in the 3.2% to 3.7% range. The Russian construction market is forecast to experience minimal growth in the Oil / Gas sector and modest growth in the commercial / housing construction sector in the 1st half of 2018. Construction work for 2018 World Cup continues.

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