–UK Q1 Construction Output -4.8% q/a; -3.7% y/y
LONDON (MNI) – First quarter construction output fell more sharply
than previously assumed and will knock first quarter growth, data issued
by National Statistics Friday showed.
Construction output fell 4.8% on the quarter in Q1, compared with
the 3.0% fall factored into the initial estimate of Q1 GDP. National
Statistics said this means it will knock an additional 0.1 percentage
point off Q1 GDP.
If everything else stayed the same, this would mean Q1 GDP fell
0.3% on the quarter, with the initial 0.2% quarterly already showing the
UK economy going back into technical recession.
Construction will lower quarterly Q1 GDP on this estimate by just
over 0.3 percentage points, having lowered it by some 0.2 percentage
points in the initial estimate, NS said.
The Bank of England Monetary Policy Committee was not on the
pre-release list for the construction data and so did not see them at
their May policy meeting, at which they left policy unchanged, National
Statistics said.
–London bureau: 0044 20 7862 7491; email: drobinson@marketnews.com
[TOPICS: MT$$$$,M$B$$$,MABDS$]
