Construction slump pulls down UK growth
Published: 22 December, 2010
LONDON: The construction industry grew at a slower pace in the third quarter than originally thought according to the latest Office for National Statistics (ONS) figures released today.
The ONS revised down its previous estimate for GDP growth between July and September to 0.7%, from 0.8%. It also cut its estimate for annual growth in the UK economy during the quarter to 2.7%, from 2.8%.
Economic growth was also trimmed back by 0.1 percentage points in both the first and second quarters of 2010, to 0.3% and 1.1% respectively.
The ONS said the construction, services and production sectors had all shown slower growth than originally thought in the third quarter of 2010. It also revised down the output of business services and finance companies.
Economists warned that economic growth will continue to slow in the current quarter, especially given the disruption caused by the recent bad weather.