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.”
ENDS
NOTE TO EDITORS:
The Construction Products Association represents the UK’s manufacturers and suppliers of construction products, components and fittings. The Association acts as a single voice for the construction products sector, representing the industry-wide view of its members. The sector has an annual turnover of more than £40 billion and accounts for over 1/3 of total construction output.
FOR FURTHER INFORMATION CONTACT:
Noble Francis
Economics Director
Construction Products Association
Tel: 020 7323 3770
Fax: 020 7323 0307
Mobile: 0791 261 2882
E-mail: noble.francis@constructionproducts.org.uk
Jeff May
Marketing and Communications Manager
Construction Products Association
Tel: 020 7323 3770
Fax: 020 7323 0307
Mobile: 0790 447 6166
E-mail: jeff.may@constructionproducts.org.uk
Follow the Construction Products Association on Twitter: https://twitter.com/CPA_Tweets