UK construction fall not as steep as feared | 3 October 2012
New figures have revealed that the fall in UK construction output is not as steep as was first feared, harrowobserver.co.uk reports.
The Office for National Statistics said that GDP fell 0.4 per cent between the first and second quarters of the year, rather than the 0.5 per cent previously estimated. They construction output was also revised from a 3.9 per cent fall to 3 per cent for the same period.
The Construction Products Association economics director, Noble Francis told cnplus.co.uk that the upward change in construction statistics enhanced figures for the economy as a whole. He also said that he expected GDP growth to bounce back in the third quarter to 0.5 per cent after having been dampened in the second quarter by the Jubilee bank holiday.
However, it is thought that the output of construction, where developers can make use of property management software, could fall again in the third quarter. This is due to the fact that Olympic building work has now ended. Many other construction companies also stopped work during the Games because they feared transport disruption.
Mr Francis added: “Unfortunately construction is set to remain subdued. I hope it won’t fall at the rates of the first and second quarter.”
Improvements in the output of manufacturing, industrial production and services are also predicted, which is hoped will boost the UK economy.
Written by Samantha Bartlett on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.
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