Encouraging growth for UK construction
Forecasts for growth in construction and the wider UK economy likely to be revised upwards
THE latest GDP figures published by the Office for National Statistics (ONS) show that the UK economy grew by 0.6% in the second quarter of 2013, compared with the previous quarter, and by 1.4% compared with the same quarter a year ago.
In particular, construction increased by 0.9% quarter on quarter.
Commenting on the figures, Noble Francis, economics director at the Construction Products Association, said: ‘The GDP figures show a second consecutive quarter of growth for the UK economy. They also highlight that construction positively contributed to GDP growth.’
According to the Association, construction output was at its lowest level in 12 years in the first quarter; however, information from within the industry suggests that the first estimate of 0.9% growth will be revised upwards in the ONS’s second and third estimates.
‘We’re encouraged to see that all four major sectors within the UK economy are growing. It looks likely that forecasts for the sector and wider economy will be revised upwards,’ said Mr Francis.
