The UK trade deficit narrowed sharply in April following a record monthly jump in goods exports, the Office for National Statistics said on Thursday, 9 June.
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The UK construction industry posted its largest growth for more than two years in April buoyed by a rise in housebuilding – following a shock fall the previous month.
United Kingdom construction output rose more than expected in April compared to a month ago, official data showed on Friday.
Bank of England policymakers are likely to take the strength of the data with a pinch of salt, having warned economic figures are likely to be volatile and tricky to interpret ahead of the June 23 referendum on Britain’s European Union membership.
The wider production sector grew by 2%, after a 0.3% rise in March, helped by electricity and gas production in an unusually cold April.
Recent private sector surveys have pointed to stronger exports and industrial output.
“Alongside April’s strong increase in retail sales, and continued growth in auto registrations pointing to a decent performance from the services sector, today’s industry numbers suggest that previous fears of a sharp slowdown in the economy in the second quarter may prove overly pessimistic”.
A survey by financial data company Markit suggested British construction orders fell last month for the first time in more than three years.
Figures reveal that imports increased by €59.6 million while exports decreased by €78.7 million, with the increase in the value of imports being primarily due to mineral fuels, lubricants and related materials (€60.0 million).
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British house prices are set for their first fall in almost four years over the next few months as the European Union referendum and a new tax on landlords turn buyers away, property valuers said on Thursday. “But alongside April’s strong increase in retail sales and continued growth in auto registrations pointing to a decent performance from the services sector, today’s industry numbers suggest that previous fears of a sharp slowdown in the economy in Q2 may prove overly pessimistic”.
