Key Statistics: 30th April 2013

Construction

• More bad news for the construction industry came in the preliminary GDP figures released last week, while it is estimated that the economy grew by 0.3% in the first quarter of the year, avoiding the feared triple-dip recession, construction industry output over the same period declined by 2.5%.
• The largest contribution to growth came from the services sector, which increased by 0.6% in the first quarter of the year.
• The British Bankers Association reported that the number of mortgage approvals in March was 31.2k, an increase from February’s total of 30.6k. The increase in March brings the level of approvals back in line with what was seen in March 2012, further growth in mortgage approvals is expected as more first time buyers enter the market during 2013.
• The Royal Institute of Chartered Surveyors reported last week that in the first three months of the year 10% more surveyors reported rising workloads compared to the same period of 2012. The rise in work came as a result of increased private housing construction activity.
• New forecasts from Ernst & Young’s Item Club expect the rate of growth in mortgage lending to pick up over 2013, the group estimates that total mortgage lending during 2012 increased by 2% with the rate of growth in 2013 expected to pick up to 3% this year.

UK Economy

• The CBI Distributive Trades Survey reported that retail volumes in April were flat, with a net balance of -1% of respondents saying sales volumes were lower than in April last year. Sales volumes in April were also well below expected volumes, a net balance of -27% of respondents reported lower than expected volumes in the month.
• Public sector net borrowing for the full 2012 financial year was £120.6bn, slightly lower than the £120.9bn borrowed during the 2011 financial year.