Today’s GDP figures, published by ONS, highlight that the UK economy grew by 0.7% in the fourth quarter of 2013; however, construction declined 0.3% over the same period.
Commenting on these figures, Noble Francis, Economics Director at the Construction Products Association, said: “The 0.3% decrease in the preliminary estimate for construction in 2013 Q4 was disappointing but followed an increase of 2.6% in the previous quarter. Furthermore, between 2012 Q4 and 2013 Q4, construction output increased by 4.5%.
“This GDP estimate shows that the construction industry’s recovery is still in early days. Of the four main sectors, construction output was the only one to register a negative result. However, this was a marginal fall in the preliminary figures within a general upward trend, and our latest Forecasts anticipate a 3.4% rise in construction output for 2014.”