UK construction recovers in February
Construction in the UK is slowly improving.
Construction data for the UK shows the sector's health improved slightly during February, but the industry is still expected to contract for the first quarter as a whole.
Non seasonally-adjusted figures released by the Office for National Statistics on Friday showed that construction output was seven per cent lower in February last year. However, the data revealed it was 5.5 per cent higher than in January.
The construction sector is seen as a major indicator for the health of the UK's economy and there are still fears the country could be heading towards a triple-dip recession.
Speaking to Reuters, Brian Hilliard, economist at Societe Generale, described the figures for February as "encouraging", but noted output remains below the level seen before the winter weather set in for the winter December.
Mr Hilliard said he believes the UK could experience 0.1 per cent growth in the economy as a whole for the first quarter of the year.
Jeremy Stretch, head of currency strategy at CIBC World Markets, recently told Reuters investors should not be concerned about the possibility of a triple-dip recession.
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