U.K. Fourth-Quarter Construction Increases More Than EstimatedScott Hamilton
U.K. construction output rose more than previously estimated in the fourth quarter, boosted by building of private homes and infrastructure work.
Output increased 0.9 percent from the previous three months, the most since the second quarter of 2011, the Office for National Statistics said today. That compares with an estimate of 0.3 percent in gross domestic product figures published Jan. 25. The revision would add 0.04 percentage point to GDP, which fell 0.3 percent in the period, the ONS said.
Construction accounts for about 6.8 percent of the economy and the ONS said today’s revision will have “no impact at one decimal place on the preliminary” GDP reading for the fourth quarter. The next estimate of GDP will be published on Feb. 27.
Building of new private housing rose 5.9 percent in the fourth quarter from the previous three months, the ONS said. New infrastructure output increased 4.2 percent.
Today’s report also showed that construction output fell a non-seasonally adjusted 16.2 percent in December from November. It was down an unadjusted 15.1 percent from a year earlier.
The ONS released industrial output data yesterday in which it revised its estimate for fourth-quarter production to a decline of 1.9 percent instead of the 1.8 percent fall estimated in the GDP figures. It said those figures will subtract 0.01 percentage point from GDP.