Builders Merchants Journal – BMJ Publishing to Builders Merchants and the UK merchanting industry for more than 95 years
GDP figures published today (January 29) by the Office of National Statistics, highlight that the UK economy grew by 0.7% in the fourth quarter of 2013; however, construction declined 0.3% over the same period.
Noble Francis, Economics Director at the Construction Products Association, said: “The 0.3% decrease in the preliminary estimate for construction in 2013 Q4 was disappointing but followed an increase of 2.6% in the previous quarter. Furthermore, between 2012 Q4 and 2013 Q4, construction output increased by 4.5%.
“This GDP estimate shows that the construction industry’s recovery is still in early days. Of the four main sectors, construction output was the only one to register a negative result. However, this was a marginal fall in the preliminary figures within a general upward trend, and our latest Forecasts anticipate a 3.4% rise in construction output for 2014.”
