The Total Activity Index reached the neutral threshold of 50 in October 2023 after 20 consecutive months of contraction. Several respondents mentioned that some of the suspended government-funded projects recommenced at a limited scale during the month. However, the industry operates with a low level of available work since most of the ongoing projects are in their final stages.
The industry outlook for the next three months is positive, mainly due to the gradual recovery in the economy and the expected increase in project work. However, the firms are concerned about the upward tendency in energy-related costs and the impact of the upcoming tax revisions.
Meanwhile, New Orders declined at a slower pace in October compared to the previous month. Many respondents had observed a gradual increase in sizable tender opportunities, mostly scheduled to be commenced in the first half of next year.
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