Construction sector further into recession, negative 38.3% in 1Q 2023

Contribution to the economy from the construction sector was recorded to be double-digit in the past. The sector was subject to a severe contraction continuously since 3Q 2021. Import restrictions limited the supply of materials to the industry, while prices of imported raw materials skyrocketed as a result of the currency depreciation that prevailed since 2021. Redundant government-initiated projects have made the situation worsened.