U.K. construction output decreased unexpectedly in July after recovering in the previous month, figures from the Office for National Statistics showed Friday.
The volume of construction output fell a seasonally adjusted 1.0 percent month-over-month in July, reversing a 0.9 percent increase in June. Economists had expected a 0.5 percent climb for the month.
All new work declined 1.5 percent, while repair and maintenance showed no growth during July.
On an annual basis, construction output dropped 0.7 percent in July, in contrast to a 2.6 percent gain in the preceding month. It was expected to increase by 0.9 percent.
This was the first yearly decrease in construction output since May 2013, when it had fallen 2.8 percent.
In the second quarter, new orders for the construction industry declined 0.4 percent from the previous quarter, while increased by 1.9 percent from the corresponding period last year.
The material has been provided by InstaForex Company – www.instaforex.com