U.K. Construction Output Recovers In June

(RTTNews) - U.K. construction output recovered in June albeit at a slower than expected pace, the Office for National Statistics revealed Friday.

Construction output grew 0.9 percent in June from May, when it was down 1 percent. Nonetheless, it was weaker than the expected growth of 2 percent.

The annual output growth accelerated to 2.6 percent from 2.1 percent in May. This was the fastest growth since March. Output was forecast to expand 3.3 percent.

In the second quarter, construction output grew 0.2 percent from the prior quarter. The preliminary GDP data published on July 28 contained a forecast of flat growth for construction output.

Nonetheless, the ONS said the upward revision will have no impact on GDP to 1 decimal place.

On a yearly basis, construction output expanded 2.4 percent, but slower than prior quarter's 4.4 increase.