UK’s Construction output rebounds sharply in March, albeit misses expectations

FXStreet (Mumbai) - Output in the UK construction sector picked up markedly to 3.9% in March, from a decline of 0.3% seen in February, the Office for National Statistics (ONS) reported on Friday.

Today's release also showed a 0.5 percentage points upward revision to the whole first-quarter growth in the sector, reducing the contraction in output to 1.1%, from 1.6% estimated in the preliminary estimate of the total GDP.

However, official statisticians said this revision on its own will have minimal impact on the total GDP in the first quarter, but added that upwards revisions to both industrial production and construction put together should add a rounded 0.1% (0.057%) to the current estimate of the first-quarter GDP growth of 0.3%.