UK Analysis: Construction Data Point To Up Revision To Q2 GDP
LONDON (MNI) -- Overall growth in the UK economy could be revised higher in the second quarter as construction output fell less sharply than expected, figures from National Statistics showed Friday.
Along with the industrial production data released earlier this week, Q2 GDP growth could be revised higher by 0.2 percentage point in total which would see GDP down 0.5% on the quarter -- more in line with the Bank of England's estimate published in the Inflation Report.
Construction output fell a seasonally adjusted 3.9% on the quarter in Q2 and was down 9.5% on levels a year earlier. This compared with an estimated fall of 5.2% in the preliminary GDP release last month. The fall in output were widespread with 8 out of 9 sectors reporting declines.
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