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Construction enters recession in Q3, says ONS

By Jessica Tasman-Jones 25^th October 2017 12:13 pm

The construction sector entered a technical recession in Q3, according to estimates released by the Office for National Statistics this morning.

The sector contracted for two quarters in a row, though overall Q3 GDP rose 0.4 per cent.

Manufacturing and services, particularly the business and finance sectors, drove the increase.

The finance sector grew 0.6 per cent, while manufacturing returned to growth at 1 per cent.

The UK fell to the bottom of the G7 nations in previous quarters, growing at 0.2 per cent in Q1 and then 0.3 per cent in Q2.

The figures come just over a week before the Bank of England makes a decision whether to raise rates.

While markets expect an hike is on its way, deputy governor Jon Cunliffe has stated he is unlikely to vote for a rise, as has fellow MPC member Dave Ramsden.

Recently-appointed member Silvana Tenreyro says her position is “very contingent on the data”.

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