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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.

 

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