Key Statistics: 25 August 2015

Construction

• The Construction Products Association (CPA) has revised down its forecast for 2015 construction output. Growth of 4.9% is now expected for the full year, down from 5.5% previously forecast. Growth of 4.2% is forecast for 2016, up from 4.0% previously. The CPA see infrastructure as a particularly strong area, with double digit growth forecast every year until 2019, the end of the forecast period.

Economy

• The Confederation of British Industry (CBI) has expects UK GDP growth of 2.6% this year and 2.8% in 2016. These have been revised upwards from previous forecasts of 2.4% and 2.5% respectively. The CBI’s Director-General John Cridland commented, “We’re encouraged by the twin engined-growth of household spending, spurred by stronger wage increases and low inflation, buttressed by business investment”.
• UK CPI inflation ticked back into positive territory in July at 0.1%, up from 0.0% in June. Extremely low levels of inflation reflect falls in the global oil price and price competition between UK food and non-food retailers.