UK: construction crash stalls Oct-19 GDP
- UK GDP growth marginally disappointed at 0.04% m-o-m in Oct-19 (0.1% expected). A 2.3% m-o-m crash in construction more than accounted for the weakness, but it is highly prone to moderating revisions and positive payback.- Underlying growth was slightly stronger than I expected, but looks likely to be dominated at the headline level by construction. I have lowered my forecast for 4Q19 GDP growth to 0.1% q-o-q. A growth rate rebound remains likely in 2020.
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