Call it a red alert. The monthly construction output data received a steep fall way down the required standard created a high alert in the Britainís construction industry. The professionals are feeling let down. Reuters has reported the news.
The reason the expertís furnished: itís British governmentís failure to develop the statistics. The construction has a major role to play in the British economy. It contributes seven per cent there, but it is some kind of unstable development if compares to other sector. Still itís helps to grow GDP quarterly.
Britainís housing market has been fallen; it will stall the speedy economic growth.
The recent construction statistics (0930 GMT) predicted the yearly output growth went down by 2/3rd in the month of October and now 1.3 per cent.
It is the sheer malfunction of Britainís business ministry said the UK Statistics Authority. They failed to develop the statistics, datas on the construction cost estimation.
Now new methods of construction cost estimation will all set to be launched in this month, bit it too not passed the quality-checking.
The national statistics will believe in this datas for the purpose of calculating construction issues.
The UK Statistics Authority indicated that the OND construction output data and ministryís construction cost data collapsed into much down level. It is sadly the national statistics.
Information and Image Reference : REUTERS/Kevin Coombs