View more on these topics

Construction enters recession in Q3, says ONS

construction, build

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”.

Recommended

Business-Growth-Drawing-Chart-Performance-700x450.jpg

UK GDP growth hits 0.3% in Q2

UK GDP growth has “muddled through” in the second quarter hitting 0.3 per cent, according to the ONS first estimate, in line with consensus expectations. It is a slight improvement on the previous quarter. The UK delivered GDP growth of 0.2 per cent in Q1 and was the worst performing economy in the EU for […]

UK-Currency-Money-Coins-700.jpg

UK Q1 GDP growth revised down to 0.2%

UK GDP growth has been revised down to 0.2 per cent compared to the 0.3 per cent reported in April. The fall was “mainly due to broad-based downward revisions within the services sector”, ONS said in its second estimate. In particular, consumer facing industries such as retail and accommodation fell and household spending slowed, partly driven by rising prices. […]

GDP growth predictions cut to 1.4% for 2017

The Office for National Statistics has put a figure on the projected impact on UK growth following the decision to leave the EU. Delivering the Autumn Statement today, Chancellor Philip Hammond says while “we cannot predict the deal we will strike” on Brexit, the ONS says potential growth will be 2.4 per cent lower than […]

UK-Great-Britain-Bunting-700x450.jpg

UK GDP growth defies Brexit: ONS

UK gross domestic product rose 0.5 per cent in the third quarter of 2016, up 2.3 per cent year-on-year, according to the Office for National Statistics. GDP in Q3 2016 was 0.2 per cent lower than the second quarter of the year. The ONS says the figures show that the Brexit vote has not harmed […]

Newsletter

News and expert analysis straight to your inbox

Sign up