Last Year, Domestic Construction Contracts Increased by 9 Trillion KRW, Overseas Decreased by 8 Trillion KRW

Statistics Korea, 2019 Construction Industry Survey Construction Performance Results (Provisional)

[Sejong=Asia Economy Reporter Joo Sang-don] Last year, domestic construction work volume and contract amounts increased, while overseas figures declined.

According to the '2019 Construction Industry Survey Construction Performance Results (Provisional)' released by Statistics Korea on the 27th, the construction work volume reached 294 trillion won, up 0.4% (1 trillion won) compared to the previous year.

Over the past 10 years, construction work volume has steadily increased since 2011, but construction contract amounts decreased after 2016 and slightly increased in 2019.

Domestic work volume was 265 trillion won, up 2.2% (6 trillion won), whereas overseas work volume was 29 trillion won, down 13.9% (-5 trillion won).

Overseas, decreases were seen in the Middle East (-10.9%), Asia (-16.3%), and Africa (-64.0%), while Europe increased by 500 billion won. The Middle East (14 trillion won) and Asia (13 trillion won) accounted for 90.2% of the total overseas work volume.

The total construction contract amount also rose by 0.4% (1 trillion won) to 256 trillion won compared to the previous year. Domestic contract amount was 239 trillion won, up 3.9% (9 trillion won), while overseas contract amount was 17 trillion won, down 32.2% (-8 trillion won).

Meanwhile, the number of companies with construction performance in 2019 was 78,849, an increase of 4.5% (3,428 companies) from the previous year.

This content was produced with the assistance of AI translation services.