UK DATA: Construction Output To Knock 0.1pp Off Q1 GDP
–UK Q1 Construction Output -4.8% q/q; -3.7% y/y
–NS: UK Q1 Construction Knocks 0.1pp off Q1 GDP
–NS: BOE MPC Did Not See Construction Data Before May Vote
–NS: Construction Output q/q Lowest Since Q1 2009
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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.