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BMI View: The worse-than-expected performance posted by the Polish construction sector during H113 has prompted us to revise down our forecasts for the construction sector in 2013 as well as 2014. We are currently forecasting a cumulative 9.5% y-o-y contraction in the construction industry value - in real terms - by the end of 2013, which will be followed by a modest 2.4% y-o-y growth in 2014. Over the medium term, we expect the sector to return to positive growth territory, although it will remain well below the rate witnessed in the preceding five years. According to latest estimates from official sources, the value of Polish construction industry has contracted by as much as 17.5% year-on-year (y-o-y) during the first half of 2013. The Polish Central Statistics Office estimates that the c ...
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