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Construction revision could boost GDP reading

July 20th, 2010
Construction Slowdown

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Construction output in the UK was higher than initially thought in the first quarter which could lead to an upward revision of overall economic growth during the period, according to the Office of National Statistics (ONS).

Construction output fell by 1.1% over the quarter, less than the 1.6% drop initially recorded by the ONS. The revision could add 0.03% to the recorded figure for economic growth in the first quarter.

The latest figures on the UK economy show that gross domestic product (GDP) rose by 0.3% in the first quarter.

Howard Archer, chief UK and European economist at the analyst group IHS Global Insight said that while there were encouraging trends in construction, difficulties remain.

‘The sector still faces a very challenging environment,’ he said.

‘In particular, it is likely to be hit significantly by the coalition government’s need to rein in its spending for an extended period as this is clearly going to hit expenditure on infrastructure and public buildings.’

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