UK construction output down 7.9 percent year-on-year in January

LONDON Fri Mar 8, 2013 9:50am GMT

LONDON (Reuters) - British construction output fell an annual 7.9 percent in January, non-seasonally adjusted data showed on Friday.

Compared with December, output was 6.3 percent lower, the Office for National Statistics said.

Despite making up less than 7 percent of Britain's economy, weak construction output was the main drag on growth last year, pushing the country back into recession.

Surveys have also pointed to weakness in the sector. The Markit/CIPS construction index hit a three-year low last month, dragged down by falls in civil engineering activity and commercial work.

(Reporting by Christina Fincher)


After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.