Bulgaria is among the cheapest destinations for construction in the world

According to the consulting company EC Harris, Bulgaria is among the ten cheapest countries for construction in the world. According to the "cheap construction" our country is ranked at 6th place, and in the overall ranking of the company's - 42nd position on construction costs.

The cheapest construction destination in the world is India, followed by Indonesia, Malaysia, Morocco and Vietnam.

One position after Bulgaria is Bosnia and Herzegovina, our northern neighbor Romania is the tenth cheapest destination for construction in the world.

Hong Kong is the most expensive construction market in the world. In the top 10 in high construction costs are and five European countries - Switzerland on 2nd position, Denmark - 3th, Sweden - 4th, France - 5th and Belgium on 10th.

Macau is rated by the company of 5th place, Australia - the 6th, Japan - 7th, and Singapore - 9th.

Although, the economies of developing countries are delayed and the recovery of the developed countries is lagging behind, the expectations in medium term are that the construction sector globally will continue to expand. Experts predict that by 2025 the volume of construction output will grow by 70 percent to 15 trillion dollars.

Growth is also expected to be concentrated in developing economies, which by 2025 will contribute 63 percent of global construction output. For comparison - in 2012, their share was 52%.

The construction sector in Europe continues to be hampered, because of the economic problems of the Euro zone, the efforts for the contraction of budget deficits and export are challenging. The European Commission predicted that the Euro zone economy would shrink by 0.4 percent this year, after a record decline of 0.6 percent in 2012. For 2014 the prospects are better, particularly the economies of the Baltic countries.

Forecasts for the construction sector, however are not good for this year, it is predicted that construction output will shrink by 2.8 per cent and partial recovery of confidence in the sector is expected next year. Only the construction in the Nordic region and the Northern European countries is expected to be stable in the near future.