Arab Today, arab today construction boost for uk economy
Last Updated : GMT 10:38:04
Arab Today, arab today
Arab Today, arab today

Construction boost for UK economy

Arab Today, arab today

Arab Today, arab today Construction boost for UK economy

London - Kuna

The UK\'s flagging economy was given a boost Friday as official figures showed the construction sector grew more quickly than previously thought. The Office for National Statistics (ONS) said the sector grew by 2.3 percent in the second quarter of this year, whereas it had previously calculated an increase of 0.5 percent. This means that GDP, which was estimated to have grown by 0.2 percent in the quarter, may be revised upwards to 0.3 percent when taking into consideration builders\' increased contribution to the economy. But it is not certain that second-quarter GDP will be revised upwards when the ONS makes its second estimate for economic growth on August 26, as other factors may influence the figure, analysts said. The ONS had been under pressure to lift its estimates for construction because they were more gloomy than other industry surveys. The body pointed out that its earlier reading was based on limited information from companies. Its latest figures show that the volume of new housing work rose 4.4 percent in the second quarter, while there was a 6.2 percent rise in infrastructure projects. The construction sector only accounts for about six percent of the UK\'s economy but helped to drive the UK\'s recovery in the first three quarters of 2010, as it bounced back from savage cuts to building projects made during the recession. But the sector slipped back into decline in the final quarter of 2010, as public sector and civil engineering work was cancelled amid the austerity cuts. It returned to growth in the second quarter of 2011, driven by increasing work from house-builders and infrastructure projects, the analysts said.

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