New Market Research Report: Iraq Infrastructure Report Q4 2014

We have moved to substantially lower our construction industry real growth forecasts for Iraq's construction industry over our 10-year forecast period . Following v iolence in Anbar province early in 2014, a major threat to the country's stability has emerged in the form of Islamic State (IS), who now controls swathes of the country's north and west. While threat to Iraq's vital oil industry is still minimal, the ongoing political infighting within the Iraqi government following elections and the subsequent fai lure to deal with the IS threat present a serious risk to Iraq's future.

Key Development: We have significantly downgraded our forecasts for growth in Iraq's construction industry, from an annual average of 7.3% over our 10-year forecast period to 2023, to 5.2%.

Both the 2013/14 and 2014/15 national budgets have been expansionary, with investment expenditure set to make up the majority of spending; infrastructure and housing account for the largest share. However, as of July 2014 there is still no functioning government in Baghdad following elections in April 2014. If and when a functioning government is formed, its priority will be dealing with the threat posed from IS, not necessarily passing of the federal budget.

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Endemic problems such as corruption, a lack of institutional capacity and poor technical ability severely dent growth. To address these endemic problems the Ministry of Finance and the Ministry of Planning are looking to tackle the issue of low execution rates by making those with a rate of less than 25.0% liable for questioning by the parliament and the council of ministries. While such moves are encouraging for the construction sector, we believe the government's lack of control over local agencies and bureaucratic bottlenecks will impede the progress of development projects during the forecast period.

The energy and utilities sector, industrial construction for the oil and gas industry and housing continue to be the...

The Iraq Infrastructure Report features Business Monitor International (BMI)'s market assessment and forecasts covering public procurement and spending on all major infrastructure and construction projects, including transportation and logistics by land, sea and air; power plants and utilities, and commercial construction and property development. The report analyses the impact of regulatory changes and the macroeconomic outlook and features competitive intelligence on contractors and suppliers.

BMI's Iraq Infrastructure Report provides industry professionals and strategists, sector analysts, investors, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the Iraqi infrastructure and construction industry.

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