Construction success helps grow UK GDP | 28 October 2013
The construction industry was identified as a key contributor to the UK economy’s 0.8 per cent quarterly growth, economicvoice.com reports.
National GDP rose by just under one per cent between July and September, thanks to pronounced growth in the construction and services sector. The latest figures indicate that the construction industry posted a rise of 2.5 per cent, making it the UK’s fastest-growing industrial sector, and contributed 15 per cent to overall UK GDP growth.
Year-on-year, the figures reveal a 4.9 per cent increase, although this is somewhat skewed as a result of the unusually low figures recorded during Q3 2012.
Furthermore, growth was posted by all four of the main industrial groupings (construction, agriculture, production and services).
Business secretary Vince Cable told constructionenquirer.com: “Today’s figures are encouraging, especially for construction and manufacturing, which have been lagging.
“Taken alongside other indicators, such as good employment figures and new business start-ups, they suggest that things are going in the right direction.”
Director general of the CBI (Confederation of British Industry), John Cridland, also noted that the results may prompt greater optimism in the UK, particularly within industries where growth was most pronounced. This optimism, he added, would not just be among business, but consumers as well.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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