UK Construction Output Drops in September
With UK's construction sector dithering, there is feeble chance of any good news. It has been reported recently that the UK construction activity dropped by 13% in September from a year ago. The Office for National Statistics showed the glaring fall in new building by the commercial and public sectors.
"Even if the construction sector can avoid further contraction in the fourth quarter, it looks unrealistic to expect it to materially contribute to growth", said Howard Archer, chief UK and European economist at IHS Global Insight, while expressing that there are rising expectations that with the rise in GDP, there would be some growth in the construction sector.
However, there was a rise of 5% in house building in the same month but it was low in comparison to 12% seen a year ago. Meanwhile, UK's trade deficit reduced to £2.7bn in the month of September as compared to a £4.3bn deficit in August.
There is growth seen in goods exports, as reports have indicated there is growing demand from non-EU countries. Nonetheless, there is nothing pleasant in goods imports with their significant monthly drop as triggered by reduction in fuel and manufactured goods imports.
It would be worth seeing what all is in store for the economy, which as of now is certainly facing tough time in terms of economic growth.
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