Construction slump pulls down UK growth

Published:  22 December, 2010

LONDON: The construction industry grew at a slower pace in the third quarter than originally thought according to the latest Office for National Statistics (ONS) figures released today.

The ONS revised down its previous estimate for GDP growth between July and September to 0.7%, from 0.8%. It also cut its estimate for annual growth in the UK economy during the quarter to 2.7%, from 2.8%.

Economic growth was also trimmed back by 0.1 percentage points in both the first and second quarters of 2010, to 0.3% and 1.1% respectively.

The ONS said the construction, services and production sectors had all shown slower growth than originally thought in the third quarter of 2010. It also revised down the output of business services and finance companies.

Economists warned that economic growth will continue to slow in the current quarter, especially given the disruption caused by the recent bad weather.

Sign Up

For the Builders' Merchants News enewsletter.

In the spotlight

Recruitment

Builders Merchants Vacancies – UK Wide

We work closely with the National and Large Independent Builders Merchants as well as Manufacturers & Distributors. We have vacancies all over the UK for those who work within the Building Supplies sector.

Guest Blog by Simon Damp

Is DIY a lost art?

As time goes by, the art of do-it-yourself when it comes to activities around the home and garden is fast becoming more and more of a lost art.