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Besides the low spending capacity, ongoing tight lending conditions set by banks remain one of the main reasons for the subdued sector performance.

Payments in the Australian construction sector take 30-60 days on average, and the level of protracted payments and insolvencies was high in 2018.

Late payments by mainly larger companies continue to negatively affect the working capital management of many smaller businesses in all segments.

Mid-sized businesses are facing profitability issues due to higher labour costs triggered by shortage of qualified staff and increased commodity prices.

Despite increasing clouds on the horizon, there remain several bright spots for export opportunities in emerging markets.

The economic impact of USMCA on Mexican-US trade is likely to be limited, as it is effectively a small modification of the pre-existing NAFTA agreement.

Trade policy uncertainty is one of the top risks to US businesses and consumers in 2019 that may bring the next downturn on more quickly than expected.

Despite a forecast growth slowdown in 2019 the economy should still experience positive momentum, with low unemployment and manageable inflation.

The USMCA has finally been signed on November 30, easing short-term uncertainty surrounding North American trade.

The main potential downside risk for the industry is a deterioration in orders from main buyer industries, especially from the automotive sector.