UK Revises Up GDP as Construction Data Changes Kick In

Britain’s economic growth rate was stronger than previously estimated last year and in early 2015, the country’s statistics office said as it announced revisions to the way it measures the construction sector.

Gross domestic product would rise by 3.1 percent in 2014, up from a previous reading of 2.8 percent, under the revisions announced on Friday, the Office for National Statistics said.

The ONS said it had changed the way it calculates price changes in the construction sector and its method for seasonal adjustments to the data.

Construction output in the first quarter of this year was revised to show a fall of 0.2 percent, a weaker decline than a fall of 1.1 percent previously reported for the January-March period.

In the month of April, construction output fell by 0.8 percent from March when it had risen by 1.4 percent.

Compared with a year earlier, construction output rose 1.5 percent, slowing from a rise of 5.0 percent in March.

Construction makes up 6.4 percent of Britain’s economy.

Reuters

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.