Construction growth revised down
The economic growth of UK for the second quarter might get revised down from 1.2% after the Office for National Statistics (ONS) announced that the construction sector had faced a growth by less than what was anticipated.
The ONS told on Friday that keeping the other things equal, the reduction in the approximate quarter-on-quarter UK construction growth for the quarter ended June from 9.6% to 6.8% would reduce the rise in the overall gross domestic product for this duration by 0.2% of points.
According to the Scottish Government’s data issued previous month, the economy north of the Border had increased by 1.3% quarter-on-quarter in the second quarter, and the construction output had jumped by 10.4%.
However, the new construction data published by ONS last night seems much more to be in accordance with the reality and more consistent with the survey data.
The ONS remained putting with the calculation of 4% quarter-on-quarter growth in the construction output for the quarter ended September even when it published its most recent data last night. According to them, the overall gross UK GDP increased by 0.8% quarter-on-quarter for the quarter ended September.