Good news at last! UK GDP to be revised up after construction boost

The UK economy has been given a surprise boost after the latest official data from the construction sector showed a smaller decline in output than previously announced.

The Office for National Statistics said construction output contracted 3.9% in the three months to the end of June, a smaller decline than the 5.2% it had estimated when it made its preliminary report on Q2 GDP. The first reading of Q2's GDP showed the economy contacted 0.7% between April and June, much worse than forecasts from analysts who had predicted a 0.2% correction. However, as a result of the improved construction data, the ONS said the GDP figure would be revised upwards by 0.1%. It said: "The estimated impact on quarter two 2012 GDP from this release of construction outp...