UK construction output falls in June, referendum has little ‘impact’
Construction output fell in by 0.7 percent in June compared with the first three months of the year, according to the latest survey by the Office for National Statistics.
The figure comes in lower than the preliminary number of 0.4 percent released in July, with output falling considerably further in June than May. The period mainly covered the run-up to the referendum, but suggests that there is “very little anecdotal evidence” to suggest the referendum has had an impact.
The ONS construction figure is a short-term indicator of construction output by the private sector and public corporations within Great Britain and is produced from a monthly survey of 8,000 businesses.
Italian economy stagnates in second quarter
The Italian economy flatlined in the second quarter, after seeing promising growth of 0.3 percent in the first.
Before this reading the Italian economy had grown for five straight quarters, but fell over the last three month due to a lack of domestic demand.
With an Italian banking crisis in full swing, these economic figures are the latest in a series of worrying problems for Prime Minister Matteo Renzi, whose leadership rests of maintaining the support of the population ahead of a constitutional reform in October.
Latest data suggests China slowdown
Further economic data from China, released today, suggests an ongoing slowdown in the world’s second biggest economy.
Industrial output expanded 6 percent in July, hit by severe flooding and hot weather, with retail sales rising just 10.2 percent – below the 10.6 percent forecast. This matches trade data released earlier this week, suggesting further economic slowdown.
12/08/2016
