UK Building Output Falls In August, ONS Sees No Brexit Hyperlink
UK building output falls in August, ONS sees no Brexit hyperlink
Cranes line the London skyline on building websites in London, Britain August 17, 2016. REUTERS/Neil Corridor
LONDON, British development output unexpectedly fell in August led by a decline in infrastructure initiatives however Britain's statistics office stated the weakness didn't look like linked to the Brexit vote in June.
Development volumes fell by a monthly 1.5 % in August after a revised enhance of zero.5 percent in July.
Economists taking part in a Reuters ballot had predicted output would rise by zero.2 % in August.
"As the autumn this month is led by infrastructure, it appears unlikely that post-referendum uncertainties are having an impact," Kate Davies, a statistician with the Office for National Statistics, stated.
In contrast with August 2015, volumes inched up by 0.2 %, weaker than the median forecast of 1.5 p.c in the Reuters ballot.
Britain's building industry makes up nearly 6 % of the economic system and Friday's figures will assist investors get a better sense of the affect of the June 23 referendum decision to go away the European Union.
The weak performance in August made it probably that construction can be a drag on general financial development in the third quarter.
In the three months to August, output was down 1.three p.c in contrast with the three months to May, the ONS mentioned.
All areas of the sector fell in August in contrast with July except for personal commercial work, the ONS said.
There have been signs that the sector fared higher in September, based on a non-public buying managers survey printed earlier this month.
Britain's economic system has weathered the preliminary Brexit shock higher than many economists had feared, however the Financial institution of England expects construction to be one of the hardest-hit sectors.
Finance minister Philip Hammond has introduced some measures to boost house-building.
(Reporting by William Schomberg and Costas Pitas)
Subsequent In Property Information
LONDON Britain's mortgage lenders face compensation claims from a whole lot of hundreds of customers for incorrectly handling payment arrears, the country's monetary regulator said on Wednesday.
Booming property auctions raise Brexit gloom in British real property
LONDON Business property auctions are proving an unlikely vivid spot in Britain's actual estate market the place a steep drop in sterling has attracted abroad patrons and local traders are as yet unfazed by potential fallout from Brexit.
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