UK construction output falls in April, ONS revises GDP figures
On a yearly basis, meanwhile, the UK’s construction sector expanded 1.5% in April, higher than economists’ initial estimates, which called for a 0.5% gain, but slower than the 5% increase posted in the previous month. The country’s annual construction sector growth rose for the 23rd consecutive month in April while April’s figures indicated the weakest expansion since November 2013.
Meanwhile, ONS revised their country’s growth rates for the first quarter of this year and last year. According to the ONS, the country’s gross domestic product (GDP) rose 3.1% in 2014 and 0.4% in the first quarter of this year, up from its previous readings of 2.8% and 0.3%. The statistics office also revised their figures for the Q1 construction output to a decrease of 0.2%, weaker than the previously estimated fall of 1.1%.
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