Bulletin

Construction revision puts economy on firmer footing

The Office for National Statistics has revised upwards its figures for UK GDP growth during the first quarter. The ONS now calculates that GDP grew by 0.4%, up from its previous estimate of 0.3%. The revision is mainly due to the ONS's use of new methods to measure output in the construction sector. Output in the sector is now estimated to have decreased by 0.2% in the first quarter, rather than the 1.6% drop initially estimated by the ONS. The improvement in the GDP figures could prompt the Office for Budget Responsibility to revise up its estimate for growth this year, currently at 2.5%. HSBC expects that GDP growth will rebound, rising to 0.7% in the second-quarter, reflecting a pick-up in the services sector.

 

Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.

Other Articles

GoJumpIn

The sky is seemingly the limit for a company which has got us all jumping with excitement as they secure a Santander funding deal to make…

Bulletin
Food and drink exporting opportunities in the UAE

Richard Cuda, Director - Strategic Banking Alliances, International, Santander UK says UK food and drink manufacturers should seriously…

Bulletin

According to DIT, of the 2.5 million businesses registered in the UK, an estimated 360,000 who have an exportable product or service…

Bulletin
Food and drink exporting opportunities in the UAE

Richard Cuda, Director - Strategic Banking Alliances, International, Santander UK says UK food and drink manufacturers should seriously…

Bulletin

According to DIT, of the 2.5 million businesses registered in the UK, an estimated 360,000 who have an exportable product or service…

Bulletin
Cardiff-based Forward Waste Management

Money will support the company, which serves the manufacturing sector, with Welsh and West Midland growth plans.

Bulletin

Where Next?