There will no doubt be eagle-eyed stat watchers checking on the latest official release for UK’s economic growth who are wondering why there has been no revision to the second quarter GDP. It still stands at 1.2%.
If you remember the second quarter growth rate for construction output for Great Britain was revised substantially down from 9.6% to 6.6% and this was expected to have an impact on the UK GDP measure – knocking it from the 1.2% to 1.0%, all other things being equal.
Although the current set of GDP figures show UK construction growth at 9.5%, there is a revision in the pipeline. But the revison to the construction figures has not been processed within the latest set of GDP figures and will most likely be included in the Quarterly National Accounts release to come out on December 22.
So when looking at the current set of GDP figures it is worth bearing that in mind – I’ve mentally reduced GDP for the second quarter to 1%.
That’s living on the edge for you…
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