Latest news with #RecoveryandResilienceFacility
Yahoo
2 days ago
- Business
- Yahoo
Czech Republic Construction Industry Report 2025: Output to Record an AAGR of 3.4% During 2026-2029, Supported by PPI in Transport Infrastructure, Energy and Housing Projects
Czech Republic's construction industry is set for real-term growth of 3.3% in 2025 after a 0.7% contraction in 2024, driven by hospitality and transport infrastructure investments. Supporting this, Czech government plans and EU Recovery funds will boost the sector, with annual growth projected at 3.4% till 2029. Dublin, June 05, 2025 (GLOBE NEWSWIRE) -- The "The Czech Republic Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2029 (H1 2025)" report has been added to Republic's construction industry to recover and expand in real terms by 3.3% in 2025, following a contraction of 0.7% in 2024. This will be supported by investments in hospitality and transport infrastructure sector, with the utilization of the European Union's Recovery and Resilience Facility (RRF) fund. The construction value add growth has accelerated in recent quarters, recording growth of 2.9% YoY in Q4 2024, which was preceded by a YoY growth of 1.6% in Q3 and a marginal decline of 0.7% in Q2 2024. Reflecting the improving conditions in the construction sector, new order for construction works has recorded sharp growth in the fourth quarter of 2024. According to the Czech Statistical Office (CZSO), total number of new orders for construction work grew by 18.1% year-on-year (YoY) in Q4 2024, following YoY growth of 1.8% in Q3 and 8.3% in Q2 2024. Growth in 2025 will also be supported by the Czech government's investment under the 2025 State Budget, which was approved in December 2024. The 2025 State Budget includes an expenditure of CZK2.3 trillion ($100.3 billion), an increase of 4.2% compared to the expenditure of CZK2.22 trillion ($96 billion), in the 2024 Budget. Over the remainder of the forecast period, the construction industry is expected to record an average annual growth of 3.4% between 2026 and 2029, supported by public and private sector investments in the country's transport infrastructure, energy and housing projects. The forecast period growth will also be driven by the government's aim to increase the share of renewable energy sources, in the total energy mix, from 16.5% in 2023 to 28% by 2030, and 46% by 2050, reducing greenhouse gas emissions by 55% by 2030, compared to 1990 levels. The Czech based energy projects developer, Czech energy utility (CEZ), is planning to construct two new 1,000MW units at the Dukovany nuclear power plant by 2038, with an estimated investment of CZK400 billion ($17.3 billion). Scope Historical (2020-2024) and forecast (2025-2029) valuations of the construction industry in the Czech Republic, 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 our 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 business strategies 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 Summary2 Construction Industry: At-a-Glance3 Context3.1 Economic Performance3.2 Political Environment and Policy3.3 Demographics3.4 Risk Profile4 Construction Outlook4.1 All Construction Outlook Latest news and developments Construction Projects Momentum Index 4.2 Commercial Construction Outlook Project analytics Latest news and developments 4.3 Industrial Construction Outlook Project analytics Latest news and developments 4.4 Infrastructure Construction Outlook Project analytics Latest news and developments 4.5 Energy and Utilities Construction Outlook Project analytics Latest news and developments 4.6 Institutional Construction Outlook Project analytics Latest news and developments 4.7 Residential Construction Outlook Project analytics Latest news and developments 5 Key Industry Participants5.1 Contractors5.2 Consultants6 Construction Market Data7 AppendixFor more information about this report visit About 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. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Reuters
2 days ago
- Business
- Reuters
EU Commission urges faster implementation of investment, reforms to spend EU's Recovery Fund
BRUSSELS, June 4 (Reuters) - The European Commission urged EU governments on Wednesday to speed up the implementation of reforms and investments so that they manage to spend the billions of euros still available to them in the EU's Recovery fund before the August 2026 deadline. EU governments have some 750 billion euros available to them, in grants and cheap loans, to spend on making their economies greener and more digitalised under the EU's Recovery and Resilience Facility (RRF) -- a joint borrowing programme to rebuild economies after the pandemic. So far, the Commission has disbursed 315 billion euros of the total as governments have met over 2,000 agreed milestones and targets that the EU payouts depend on. The deadline for meeting all the agreed milestones and targets is on August 31, 2026. "With these deadlines fast approaching, and more than 335 billion euros in funding still available to Member States, it is vital to accelerate the implementation of the RRF," the Commission said.
Yahoo
23-05-2025
- Business
- Yahoo
Italy's outlook improves to positive at Moody's
-- Moody's Ratings has revised the outlook for the Government of Italy from stable to positive today, while simultaneously confirming the country's long-term issuer and senior unsecured ratings at Baa3. The foreign currency senior unsecured MTN programme and shelf ratings have also been confirmed at (P)Baa3. The local currency commercial paper rating has been affirmed at Prime-3, and the foreign currency other short-term programme rating has been affirmed at (P)Prime-3. The positive outlook change is due to a better-than-anticipated fiscal performance in 2024 and a stable domestic political environment, which increase the chances of fiscal metrics continuing to improve in line with the government's medium-term fiscal-structural plan. The positive outlook is also supported by a strong labor market, healthy household and corporate balance sheets, and a robust banking sector. Expected improvements in the net international investment position are likely to support economic resilience and reduce Italy's susceptibility to event risk. The Baa3 ratings affirmation takes into account Italy's large economy and effective institutions and governance relative to rating peers. Italy's large and wealthy economy, its effective policymaking and institutional capacity, results in a high degree of economic resilience. However, the affirmation also acknowledges Italy's high debt burden which, along with a gradual weakening debt affordability and structural challenges related to population ageing, remains a constraint on its credit profile. Italy's long-term local and foreign-currency bond country ceilings remain unchanged at Aa3. This is typical for euro area countries, reflecting benefits from the euro area's strong common institutional, legal, and regulatory framework, as well as liquidity support and other crisis management mechanisms. In 2024, Italy's fiscal outcome was better than expected, with a deficit at 3.4% of GDP compared with 3.8% budgeted. The main driver of the better fiscal outcome was a decrease in expenditures, helped by strong revenue growth mainly from personal income and other taxes. Domestic political stability increases the likelihood that the government will continue to narrow the deficits and achieve growing primary surpluses. For 2025 and 2026, revenue growth is expected to align with nominal GDP growth, with direct and indirect taxes supported by the robust labor market and nominal wage growth. Expenditure growth will mainly be driven by increased capital spending under the Recovery and Resilience Facility (RRF), while current spending will increase moderately due to public sector wage increases. The fiscal deficit is projected to decline further, to just under 3.0% of GDP in 2026, as widening primary surpluses offset gradually increasing interest payments. Italy's debt affordability indicators will remain strong relative to similarly-rated sovereigns and to Italy's own history. Interest payments-to-revenue will approach 9.5% by 2030, up from 8.2% in 2024. Italy's debt burden is expected to increase in 2025 and 2026 due to so-called stock-flow adjustments of around 2% of GDP per year related to the superbonus. Government debt is expected to reach 138.4% of GDP in 2026 and 2027, up from 135.3% last year. From 2028 onwards, sustained primary surpluses should put the debt burden on a gradual declining trend. A range of labor market indicators point to enhanced economic resilience to potential future shocks. The unemployment rate was 6% in March 2025 and is expected to remain around this level in the coming years as employment will continue to grow faster than the labor force, reflecting a falling working-age population. In general, private sector debt is relatively low, an important support factor for economic resilience. Total credit to households and non-financial corporates was around 95% of GDP in 2024, compared to 158% for the euro area as a whole. A financially sound banking sector also supports economic resilience. Italian banks demonstrate strong capitalization, improved profitability, ample liquidity, and strong asset quality. The steady improvement in the banking sector's asset quality has been facilitated by the government's Garanzia sulla Cartolarizzazione delle Sofferenze (GACS) guarantee program, at the expense of higher contingent liabilities worth 0.4% of GDP as of end-2024. Moreover, improvements in external liquidity support Italy's shock absorption capacity. The country's current account balance improved to 1.1% of GDP in 2024, from 0.1% in 2023, as the effects from the energy price shock dissipated, and the competitiveness position of Italian exporters improved relative to large euro area peers. The affirmation of the Baa3 ratings takes into account levels of economic as well as institutions and governance strength that are stronger than those of most rating peers. Italy has a large and wealthy economy which, combined with solid policy effectiveness and institutional capacity, results in a high degree of economic resilience. Italy's rating also takes into account credit support from the ECB's credible commitment to use all available tools to respond to sharp rises in interest rates that are not explained by a country's fundamentals. This limits the sovereign's exposure to very high levels of liquidity stress. Italy's CIS-3 indicates that ESG considerations have a limited impact on the current rating, with potential for greater negative impact over time. This reflects high exposure to social risks and overall robust governance, which supports a general strong capacity to respond to shocks. Faster fiscal consolidation than currently assumed, leading to a lower debt burden than in current projections would be positive, particularly if efficiency of the tax system increased. Continued implementation of structural reforms after the end of the National Recovery and Resilience Plan period that prospectively lift Italy's low potential growth rate by starting to address rigidities in the labor market and improve the business environment would also support a higher rating. Given the positive outlook, a rating downgrade is unlikely in the foreseeable future. However, worse-than-expected fiscal outcomes that lead to a higher debt burden than in the baseline scenario could move the outlook back to stable. Signs of lack of tangible reform momentum could also lead to a return to a stable outlook. Although not the baseline assumption, an escalation of the war in Ukraine involving NATO members would exert downward rating pressure. Related articles Italy's outlook improves to positive at Moody's India and Pakistan agree to ceasefire after US-mediated talks, Trump says Cardinal Robert Prevost elected Pope Leo XIV, becoming first American pontiff Sign in to access your portfolio
Observer
23-04-2025
- Politics
- Observer
Populists versus bureaucrats
Populists love to hate bureaucracy. Alice Weidel, the leader of the far-right Alternative für Deutschland – now the country's second-strongest party – says that clueless European Union bureaucrats are destroying the bloc's free-market foundations. Santiago Abascal, who leads Spain's far-right Vox party, accuses the same bureaucrats of attempting to 'liquidate freedom", while Italian Prime Minister Giorgia Meloni calls the EU an 'invasive bureaucratic giant.' Across the Atlantic, US President Donald Trump is dismantling a federal bureaucracy that he claims is rife with 'waste, fraud, and abuse,' and 'stifles personal freedom.' Bureaucracy, as they portray it, is the enemy of progress. The populists are wrong. As I pointed out at the recent Delphi Economic Forum, far from a sclerotic force destined to strangle innovation and liberty, bureaucracy forms the scaffolding for both. From drafting legislation and issuing permits to composing communications and coordinating crisis responses, bureaucrats carry out the mundane tasks that keep society functioning. Without them, economies would stall, the rule of law would collapse, and political visions would never be realised. Bureaucracy is, at its core, an exercise in rationality. As US president Woodrow Wilson pointed out, administration demands expertise – which is fundamentally neutral, not ideological – and thus exists outside the turbulent sphere of politics. For Max Weber, an intellectual titan in administrative theory, obedience to the impersonal, rules-based order that bureaucracy represents – rather than to charismatic individuals or entrenched traditions – is a mark of a society's maturity. But maturity implies patience, which populists notoriously lack. It took EU institutions more than 260 days to get the Recovery and Resilience Facility – a lifeline for struggling EU countries during the Covid-19 pandemic – from proposal to passage. The Artificial Intelligence Act took 1,199 days, and the Asylum Procedure Regulation nearly eight years. While these timelines could undoubtedly be shortened, crafting policies that balance the interests of 27 countries is an inescapably complicated affair requiring careful deliberation. In any case, the main source of delays is not EU bureaucrats, but the European Council's member governments and the European Parliament's elected politicians. None of this matters to populists. They paint pictures of lumbering giants, like those depicted at the Siphnian Treasury in Delphi. Just as the gods of Mount Olympus – with the help of the mortal Heracles – had to vanquish those power-hungry giants, so, too, must today's populist 'gods' defeat a monstrous bureaucracy that seeks dominion over all aspects of life. This is the vision that animates the Department of Government Efficiency, established by Trump and led by the world's richest person, Elon Musk. But far from crushing a dangerous foe, DOGE is destroying America's ability to confront the giants that actually threaten it, from climate change to technological disruption. These giants can be defeated only through the kind of disciplined, long-term coordination at which bureaucracy excels. Ironically, there could be no more compelling argument for the value of measured governance carried out by seasoned bureaucrats than DOGE's reckless gutting of America's state capacity. This has included the decimation of crucial agencies, such as the US Agency for International Development, and programmes ranging from lifesaving medical research to projects supporting teenagers with disabilities. While DOGE's approach has satisfied the populist hunger for daring over deliberation, it has also required a number of hasty reversals, including halting the firing of hundreds of federal employees working on America's nuclear-weapons programmes. And this is to say nothing of escalating privacy and security concerns, as DOGE staff access sensitive databases with virtually no oversight. Musk might have made much of his fortune in a sector known for 'moving fast and breaking things,' but the government is not a tech company. As many observers, including veteran Republican budget experts, have warned, DOGE's cuts – driven by ideology and self-interest, not pragmatism and the common good – are jeopardising public welfare. The same goes for Trump's reinstatement of Schedule F, which makes it easier to fire civil servants. This move threatens to politicise the federal workforce, making it less capable, as loyalty is rewarded over merit, and less equipped to fulfil its role as a critical source of continuity across administrations. The allure of political audacity is undeniable. When Trump issues ultimatums – to universities, trading partners, Nato allies, and others – he projects strength. When Meloni performs a foreign-policy balancing act – courting Trump while championing Western unity – she exudes pragmatism. When French far-right leader Marine Le Pen defies EU financial probes – much to Trump's delight – she appears dauntless. Such acts electrify supporters, replacing feelings of helplessness and stagnation with the thrill of brashness, the exhilaration of disruption and the promise of power. But good governance demands discipline, not spectacle. The EU's Competitiveness Compass, a strategic framework aimed at strengthening growth and innovation without sacrificing environmental goals, is a case in point. There is only one way to chart a credible path forward that accounts for multiple complex and competing goals – and it involves bureaucratic expertise, not a chain saw. None of this is to say that bureaucracies are above reproach. The EU's sluggish lawmaking and America's labyrinthine administrative system warrant scrutiny. But the solution is reform, not demolition. Streamlining regulations, as the EU's Omnibus packages seek to do, can enhance the bloc's agility. And measures that guarantee merit-based hiring and protect civil servants from political purges would support US efforts to improve governance. To defend bureaucracy is not to fetishise red tape, but to recognise the vital role it plays in making our societies work. In the fight against the 'giant' challenges we face, bureaucracy is Heracles, the flawed but knowledgeable ally that makes victory possible. To vilify it is to mistake the servant for the master, risking the very future we seek to reclaim. @Project Syndicate, 2025
Reuters
27-03-2025
- Business
- Reuters
Italy failing to speed up sluggish spending of EU recovery funds, data shows
ROME, March 27 (Reuters) - Italy is proving unable to accelerate its spending of European Union COVID-19 recovery funds, with the latest government data showing it has invested roughly half of the money it has secured so far. By 2026 Rome is due to have received 194.4 billion euros ($209.87 billion) from the EU's so-called Recovery and Resilience Facility (RRF), but the government is struggling to put the latest windfall to good use due to red tape and administrative delays. As of December 2024 Rome had spent 63.9 billion euros of the 122 billion of EU funds it had received since Brussels began disbursing the cash in instalments in 2021, EU Affairs Minister Tommaso Foti said in a statement on Thursday. When including the seventh instalment worth 18.2 billion euros, for which Italy requested payment to EU authorities at the end of last year, the spending rate stood at 45%, unchanged from June last year. In late 2022, Prime Minister Giorgia Meloni targeted investment of around 108 billion by the end of 2024. "Around 92% of the entire plan is in the implementation or closure phase," Foti said in a statement. Opposition parties asked the government for an urgent report to parliament over the implementation of the plan. However, Meloni's office said Italy was first in Europe for total resources received and number of payment requests formalised. Rome had hoped to see a major economic boost from the EU cash, but the euro zone's third largest economy has expanded by just 0.7% in each of the last two years, and economists expect a similar rate this year. Foti said all relevant institutions would make every effort to achieve the objectives needed to unlock the last three instalments worth 54 billion euros. Italy, which has already revised its recovery plan four times, is also negotiating with Brussels a final overhaul with the aim of replacing or downscaling projects that the government will be unable to complete by the 2026 deadline, with others that could be wrapped up within the allowed timeframe. Delays affect dozens of projects in areas including the rollout of ultra-fast broadband networks, high-speed train lines and plans to create more affordable childcare. ($1 = 0.9263 euros)
