Arab Today, arab today construction drop dents uk hopes of end to recession
Last Updated : GMT 18:40:24
Arab Today, arab today
Arab Today, arab today

Construction drop dents UK hopes of end to recession

Arab Today, arab today

Arab Today, arab today Construction drop dents UK hopes of end to recession

London - Arabstoday

British firms built less in May than a year earlier even with an extra working day, official data showed yesterday, further denting hopes that the struggling economy emerged from recession in the second quarter. The country fell back into its second recession in four years at the turn of the year and a recent slew of gloomy economic data has raised fears that the downturn extended into the April-June period. Construction output dropped 6.3 percent in May on a non-seasonably adjusted basis, the Office for National Statistics said, warning that caution should be taken when interpreting the monthly movements involving May and June 2012. Firms failed to benefit from a May public holiday being postponed until June, when another day was added to celebrate the Queen\'s Diamond Jubilee. \"This (data) supports our view that the economy remained in recession in the second quarter,\" said Vicky Redwood at Capital Economics. \"In theory there should have been a boost to those numbers from the extra day, so the underlying trend is even worse than those numbers point to.\" Between March and May construction output fell 7.4 percent compared to the same three months in 2011, the ONS said. New public housing work plunged by 22.9 percent, while volumes of new public non-housing excluding infrastructure and new infrastructure fell by almost as much. Official data earlier this week showed manufacturers got a lift in May from the postponed holiday, a move which then boosted retail sales in June according to a survey. Construction activity fell at its fastest pace in 2-1/2 years in June, a Purchasing Managers\' Survey showed earlier this month, and sister surveys found that the manufacturing sector contracted for the second straight month while the dominant service sector endured one of its worst months in the past three years. The economy has been basically flat for two years and is not showing a great deal of signs of impending recovery, Bank of England Gov. Mervyn King said earlier this week. Economists in a Reuters poll see tepid growth ahead at best, with only a small bounce from London\'s hosting of the Olympic Games, leading to calls for the government and BoE to act. The government\'s hands are tied by its commitment to bring down the country\'s budget deficit, but the central bank last week announced a 50 billion pounds top-up to its asset purchase program in an effort to boost the economy and yesterday released details of its \"funding for lending\" program. Under the scheme around 80 billion pounds ($123 billion)of loans will be made more accessible and cheaper for households and businesses, as part of efforts to lift the economy out of recession. Chancellor of the Exchequer George Osborne and Gov. King jointly announced the scheme last month, under which the BoE will give banks cheap access to finance if they then lend in turn to cash-strapped businesses and home-buyers. \"I\'d question the extent to which the lack of bank finance is really beginning to make its presence felt because the construction sector relies on finance to act as life blood for getting buildings off the ground,\" said Peter Dixon, economist at Commerzbank. \"If it\'s not there, it\'s going to hold back activity to some extent.\" From arabnews

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today construction drop dents uk hopes of end to recession Arab Today, arab today construction drop dents uk hopes of end to recession

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:57 2017 Sunday ,26 February

Huawei wins MRM Business Innovation Award

GMT 08:49 2017 Saturday ,25 February

Shell plans $300 mn investment in Argentina shale

GMT 05:40 2017 Saturday ,25 February

British Airways owner reports profit

GMT 15:19 2017 Thursday ,23 February

Companies' commitment to Bahrainisation quotas praised

GMT 14:48 2017 Thursday ,23 February

Etihad Airways Engineering signs deal with Kenya Airways

GMT 12:25 2017 Thursday ,23 February

Bharti Airtel buys Telenor's India operations

GMT 10:47 2017 Thursday ,23 February

Saudi Aramco may offer discounted shares to citizens
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday