Sri Lanka Construction Industry Report 2024: Output to Grow by 6.2% in Real-terms this Year Due to Low Base Effects Following the Annual Decline of 21.8% in 2023 - Forecasts to 2028 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Sri Lanka Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2024-2028" report has been added to ResearchAndMarkets.com's offering.

Construction industry in Sri Lanka to record real growth of 6.2% in 2024, predominantly due to low base effects following the annual decline of 21.8% recorded in 2023. In January 2024, the Sri Lanka Urban Development Authority (UDA) announced it plans to finalize the construction of 22 mixed development, residential, Information Technology (IT), and tourism projects this year. I

n April 2024, the government also announced it plans to attract over LKR1.5 trillion ($4 billion) in foreign investment in 2024. In December 2023, the government approved the 2024 Budget. As part of Budget 2024, the government approved a total expenditure of LKR7 trillion ($18.5 billion), an increase of 32.8% compared to the expenditure of LKR5.3 trillion ($14 billion) in 2023.

Of the total, LKR410 billion ($1.09 billion) will be allocated to Ministry of Health, LKR404 billion ($1.07 billion) to Ministry of Transport and Highways, and LKR237 billion ($627.5 million) to Ministry of Education. The 2024 Budget is aimed at increasing state revenue to 13.3% of GDP and reducing public debt to 108.5% of GDP.

Over the remainder of the forecast period, the construction industry is expected to register an average real annual growth rate of 6% from 2025 to 2028, supported by public and private investment in energy, and oil and gas projects. In March 2024, the country announced it plans to seek LKR4.3 trillion ($11.3 billion) investments over the next eight years to achieve its renewable energy goals by 2030.

The country aims to generate 70% of its electricity from renewable sources by 2030, of which 3,805MW will be from solar power and 1,475MW from wind power, and establish Battery Energy Storage System's (BESS) with 1,100MW of capacity, and Pumped Storage Plants (PMP) with 700MW of capacity by 2030.

Scope

• Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Sri Lanka featuring details of key growth drivers.
• Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
• Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
• Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

• Identify and evaluate market opportunities using the analyst's standardized valuation and forecasting methodologies.
• Assess market growth potential at a micro-level with over 600 time-series data forecasts.
• Understand the latest industry and market trends.
• Formulate and validate strategy using the analyst's critical and actionable insight.
• Assess business risks, including cost, regulatory and competitive pressures.
• Evaluate competitive risk and success factors.

Key Topics Covered:

1 Executive Summary

2 Construction Industry: At-a-Glance

3 Latest news and developments

4 Project analytics

5 Construction Market Data

6 Risk Profile

7 Appendix

List of Tables

Table 1: Construction Industry Key Data

Table 2: Sri Lanka, Top Construction Projects by Value

Table 3: Sri Lanka, Construction Output Value (Real, $ Million)

Table 4: Sri Lanka, Construction Output Value (Nominal, LKR Billion)

Table 5: the analyst Construction Market Definitions

Table 6: Risk Dimensions

Table 7: Ratings, Scores and Definitions

List of Figures

Figure 1: Sri Lanka, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2019-28

Figure 2: Sri Lanka, Construction Output Value, by Sector (Real, $ Million), 2019-28

Figure 3: South Asia, Construction Output (Real % Change), 2022-28

Figure 4: Sri Lanka, Construction Output by Sector (Real % Change), 2022-24 and 2025-28

Figure 5: Sri Lanka, Construction Value Add (LKR Million, 2015 Constant Prices)

Figure 6: Sri Lanka, Gross Fixed Capital Formation (LKR Million, 2015 Constant Prices)

Figure 7: Sri Lanka, Real Estate Activity and Dwelling Ownership Value Add (LKR Million, 2015 Constant Prices)

Figure 8: Sri Lanka, Tourist Arrivals (In Numbers)

Figure 9: Sri Lanka, Tourism Sector Earnings ($ Million)

Figure 10: Sri Lanka, Accommodation and Food and Beverage Services Value Add (LKR Million, 2015 Constant Prices)

Figure 11: Sri Lanka, Wholesale and Retail Trade Value Add (LKR Million, 2015 Constant Prices)

Figure 12: Sri Lanka, Manufacturing PMI

Figure 13: Sri Lanka, Index of Industrial production, 2015=100

Figure 14: Sri Lanka, Total Exports ($ Million)

Figure 15: Sri Lanka, Electricity Generation, in GWh

Figure 16: Sri Lanka, Telecommunication Value Add (LKR Million, 2015 Constant Prices)

Figure 17: Sri Lanka, Sewerage, Waste, Treatment, and Disposal Activities Value Add (LKR Million, 2015 Constant Prices)

Figure 18: Sri Lanka, Water Collection, Treatment, and Water Supply Value Add (LKR Million, 2015 Constant Prices)

Figure 19: Sri Lanka, Construction Projects Pipeline, Value by Stage ($ Million)

For more information about this report visit https://www.researchandmarkets.com/r/20p8wz

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.