Noble Francis of the Construction Products Association discusses GDP and the budget
The ONS released preliminary estimates of GDP for the first quarter of 2009 and it wasn’t pretty. Estimates from macroeconomic forecasters had suggested that GDP would fall 1.5%-1.6% in Q1 compared to the previous quarter. In fact, it was 1.9%. Within the GDP fall in the first quarter, construction fell 8.6% in 2009 Q1 compared to a year earlier and manufacturing fell 12.3% compared to a year earlier.
We won’t get final figures till June but even if there are revisions, they are likely to be relatively slight and the extent of the falls is so great that it highlights the poor state of the economy and our industry particularly.
Looking back to the budget, and trawling through the full 260 page document, there are not many thoughts to add over and above those I made on this blog the day of the Chancellor’s speech except that it was very disappointing overall.
This article continues at Noble Francis' blog