U.K. construction output recovered strongly in March, data from the Office for National Statistics showed Friday.
Construction output grew 3.9 percent in March from February when it fell 0.3 percent. Economists had forecast a 4 percent growth for March.
Year-on-year, construction output increased 1.6 percent, stronger than the expected growth of 1.1 percent.
The preliminary GDP data published in April was based on the assessment that construction output fell 1.6 percent. However, the ONS today said output dropped only 1.1 percent.
On a yearly basis, construction output decreased 0.3 percent during January to March, which was the first annual fall since the second quarter of 2013.
IHS Global Insight’s economist Howard Archer said there now looks to be a very good chance that GDP growth in the first quarter will be revised up to 0.4 percent quarter-on-quarter from 0.3 percent when the next estimate comes out on May 28.
The material has been provided by InstaForex Company – www.instaforex.com