UK construction output does not meet October expectations

Bymc2008

Updated Wed, 16 Dec 2015 17:41:50 GMT

Reuters has reported that British construction output rose less than expected in October, suggesting the sector got off to a slow start in the final months of the year after a sharp decline in Q3.

Construction output increased by 0.2% compared with September. Economists had expected an increase of 1.0% over the course of the month.

Construction output was 1.0% higher than its level a year ago however, beating expectations for a 0.9% annual decrease.

Britain's construction sector accounts for approximately 6% of gross domestic product and the industry exerted a drag on economic growth in the third quarter, when growth was driven solely by the services sector.