UK Constructions Falls in Q3

October 12, 2012 Share Print 0

UK construction output slumped in the last three months, as the government reduced its spending on house-building, infrastructure and other building projects.

Data from the Office for National Statistics showed a 0.9% drop in construction in August from the previous month, which led to a 12% drop in the third quarter compared with the same period last year.

Economists said construction is likely to drag on GDP in the third quarter. Chris Williamson of Markit said official figures will probably show the economy grew by 0.6% in the third quarter, but says that flatters performance because of the rebound from lost working days in second quarter. He forecasts that the economy actually grew by just 0.1%.

via Guardian

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.