UK July Construction Output Bucks Expectations for Post-Brexit Fall

British construction output held steady during the first full month after the June vote to leave the European Union, bucking expectations for a fall, while the trade deficit narrowed slightly, official data showed on Friday.

Construction volumes were unchanged in July after a 1.0 percent drop in June, a smaller fall than the average 0.8 percent decline forecast in a Reuters poll, the Office for National Statistics said.

But compared with a year earlier, volumes were 1.5 percent lower, the biggest drop since April 2013 though a smaller decline than the 3.2 percent economists had forecast.


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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam