RTTNews - U.K.'s construction output declined 9% sequentially in the first quarter, a report from the Office for National Statistics showed Friday. According to a rebased series calculation, the total volume of construction output in the twelve months to the first quarter of 2009 fell 6%.
New private housing work dropped 10% and new public housing declined 8% over the previous quarter.
The construction industry contributes around 6% to the overall estimate of GDP and today's data raises the possibility of a downward revision in the first quarter GDP numbers.
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